Reddit and Kim Kardashian’s Skims are among the brands planning to go public in 2024. Getty Images
- Reddit and Kim Kardashian’s shapewear brand SKIMS are considering an IPO in 2024, according to Bloomberg.
- Reddit filed documents last year that valued the company at $15 billion.
- SKIMS, which has expanded into loungewear and activewear, is valued at $4 billion.
Both Reddit and Kim Kardashian’s SKIMS are planning highly anticipated IPOs in 2024, Bloomberg reported.
Early last year, as Reddit began preparing to go public, the social media company filed confidential documents in hopes of going public with a market value of $15 billion, Business Insider previously reported.
However, the economy in 2022 was not as strong as the company had hoped, leaving lingering effects and fears of a recession this year, so the company refrained from taking shares to the public market.
However, 2024 could be the year. A Reddit spokesperson declined to comment for this story, citing a “quiet period.”
Before IPOs, the SEC implements quiet periods to prevent a company from providing inside information to investors. Such periods begin when a company submits registration documents to regulators and last for the first 40 days after its shares begin trading.
Analysts at Bank of America predict that the S&P 500, which tracks the performance of 500 of the largest companies on the stock exchanges, will reach an all-time high by the end of next year and call 2024 a “landing year.”
“2023 exceeded almost all expectations: recessions that never happened, interest rate cuts that didn’t happen, bond markets that didn’t recover except in short-lived, sharp spurts, and rising stocks that hurt most investors who remained cautiously underweight Candace Browning, head of Bank of America Global Research, said in a statement released on Monday. “We expect 2024 to be the year in which central banks can successfully engineer a soft landing, but recognize that the downside risks could outweigh the upside risks.”
SKIMS appears to be trying to capitalize on a bullish market. Jens Grede, the Swedish entrepreneur who co-founded the company with Kardashian, hinted that an IPO was on the horizon for the hugely popular shapewear line after SKIMS secured a $270 million funding round earlier this year , which valued the brand at $4 billion.
Representatives for SKIMS did not immediately respond to Business Insider’s requests for comment.
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