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Reddit and Kim Kardashian's SKIMS are among the companies in talks to launch IPOs in 2024, report says

Author: Editors Desk Source: Business Insider:::
November 28, 2023 at 07:09
Reddit and Kim Kardashian's Skims are among the brands in talks to go public in 2024. Getty Images
Reddit and Kim Kardashian's Skims are among the brands in talks to go public in 2024. Getty Images

Both Reddit and Kim Kardashian's SKIMS are eyeing much-anticipated IPOs in 2024, Bloomberg reported.

Early last year, when Reddit began making preparations to go public, the social media company filed confidential paperwork with hopes of listing at a $15 billion valuation, Business Insider previously reported.

However, the 2022 economy wasn't as strong as the company hoped, leaving lingering impacts and fears of a recession this year, so the company held off on bringing stocks to the public market.

2024, however, might be the year. A spokesperson for Reddit declined to comment for this story, citing a "quiet period."

Before initial public offerings, quiet periods are instituted by the SEC to prevent the appearance of a company providing insider information to investors. Such periods begin when a company files registration paperwork with regulators and last through the first 40 days after its stock starts trading.

Bank of America analysts forecast that the S&P 500, which tracks the performance of 500 of the largest companies on stock exchanges, will reach an all-time high by the end of next year, dubbing 2024 "The Year of the Landing"

"2023 defied almost everyone's expectations: recessions that never came, rate cuts that didn't materialize, bond markets that didn't bounce, except in short-lived, vicious spurts, and rising equities that pained most investors who remained cautiously underweight," Candace Browning, head of Bank of America Global Research, said in a statement released Monday. "We expect 2024 to be the year when central banks can successfully orchestrate a soft landing, though recognize that downside risks may outnumber the upside ones."

SKIMS appears to be seeking to capitalize on a bullish market. Jens Grede, the Swedish entrepreneur who co-founded the company with Kardashian, indicated an IPO is on the horizon for the wildly popular shapewear line after SKIMS secured a $270 million funding round earlier this year that valued the brand at $4 billion.Representatives SKIMS did not immediately respond to requests for comment from Business Insider.

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