Reddit Files for IPO with SEC. Date, Shares, and Price Range TBD

• 7 min read
Reddit Files for IPO with SEC. Date, Shares, and Price Range TBD

TODAY'S TOP 10

Reddit Files Confidentially for IPO
The social-media company said it has confidentially filed paperwork with the SEC for an initial public offering, an announcement that comes at the tail end of a banner year for stock-market debuts.

What You Need To Know

Reddit said it has confidentially filed paperwork with the SEC from an IPO. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions. Along with Fidelity, Reddit’s investors include venture-capital firms Andreessen Horowitz and Sequoia Capital, and Chinese technology conglomerate Tencent Holdings Ltd.


WSJ News Exclusive | Nauticus Robotics to Go Public in $560 Million SPAC Merger
The ocean software startup is working to replace large ships with robots in industries including energy and fishing.

What You Need To Know

Nauticus Robotics to go public in a $560 Million SPAC merger with CleanTech Acquisition Corp. Nauticus is aiming to deploy robots and software to replace large, human-operated ships that work in the world’s oceans. The company says its electric-powered robots can perform a host of ocean operations including transportation, data collection, and equipment maintenance, saving customers across industries money and lowering their carbon emissions.


Electric-Truck Startup Rivian Plans New $5 Billion Factory Complex in Georgia
The manufacturing facility, the company’s second in the U.S., is expected to start production in 2024.

What You Need To Know

Rivian confirms plans to start construction next year on an EV facility in Georgia, placing a hefty bet on its ability to steadily increase sales in the coming years. The $5 billion manufacturing investment, which Rivian announced on Thursday, follows the company’s blockbuster IPO last month. Rivian said its new factory will have an annual capacity of 400,000 vehicles and create 7,500 jobs. The auto manufacturer plans to start production at the plant in 2024 building its next generation of vehicles.


GM Plots Mass-Market EV Push Under Pressure From Plug-In Rivals
General Motors Co. has talked up its electric-vehicle plans for years, and even generated buzz by resurrecting Hummer’s gas-guzzling name in the form of an electric pickup truck. Now comes the tough part: selling mass-market EVs.

What You Need To Know

GM plans to showcase mass-market EVs in January. GM will show off an electric version of the Chevrolet Silverado pickup and also talk about two smaller, cheaper SUVs next month and they are aiming to reveal how the Detroit automaker can expand beyond the exclusive and expensive plug-in luxury offerings and sell more practical EVs to the broader public. Chief Executive Officer Mary Barra will take the stage at the annual CES event in Las Vegas next month on January 5th.


Bitcoin is so 2021. Here’s why some institutions are set to bypass the No. 1 crypto and invest in Ethereum, other blockchains next year
A weekly look at the most important moves and news in crypto and what’s on the horizon in digital assets.

What You Need To Know

Institutions are set to bypass Bitcoin and invest in Ethereum and other blockchains next year, says Clayton Gardner, co-CEO of crypto investment management firm Titan. For institutions that are looking for blockchains that can produce utility and some intrinsic value over time, they might consider some other smart contract blockchains that have been driving the growth of decentralized finance and web 3.0, the third generation of the Internet, according to Gardner.


Nearly 40% of Banks Will Offer Crypto Services Within 3 Years, New Survey Shows
Almost 40% of surveyed banks plan to provide cryptocurrency services to consumers -- not just institutional accounts -- over the next 36 months.

What You Need To Know

Nearly 40% of banks will offer crypto services within 3 years, according to a survey by American Banker, a niche publication for top banking leaders. According to the report, cryptocurrencies are going to play a bigger role in traditional banking next year. Approximately 10% currently manage Bitcoin or other digital currencies within their client accounts. On average, respondents said 4% of their consumer clients currently own some type of crypto. The survey report further found that about 66% of surveyed executives said more policy work could spur competition on products such as stablecoins.


New-Home Construction Surges Higher Amid Higher Lumber Prices—in All but One Region of the U.S.
“An eventual easing of supply pressures and low inventories should be supportive of building activity even as mortgage rates rise next year.”

What You Need To Know

New-Home Construction surges higher at a seasonally-adjusted annual rate of 1.68 million in November, representing a nearly 12% increase from the previous month, the U.S. Census Bureau reported. Housing starts rose for both single-family and multifamily projects. The Midwest was the only region where new construction activity decreased overall, with a 7.3% downturn. Meanwhile, in the Northeast, there was a nearly 28% increase. Millennials are driving that strong demand as they enter their prime home-buying years.


Home prices hit near-record high as inventory bottoms out
Redfin chief economist Daryl Fairweather says homebuyers are finding themselves “priced out of homeownership.”

What You Need To Know

Home prices hit near-record high as inventory bottoms out. The median home sale price nationwide is on track to hit a new record high before the year is over, rising 14 percent year over year to $359,750 in the four weeks ending Dec. 12. That’s just shy of its all-time high of $359,950 in July and 29 percent higher than the same period in 2019, according to Redfin. Meanwhile, for-sale home inventory fell to an all-time low with active listings down 25 percent from 2020 and 43 percent from 2019.


What’s Next for the Single-Family Rental Market & How You Can Stay Ahead - The Official AppFolio Blog
2021 has been another year of change and opportunity for the residential real estate market. Get the insights you need to stay at the forefront of the industry and to learn how you can use the findings to position your business for success in 2022.

What You Need To Know

Institutional investment firms are buying up single-family rental homes and also investing more capital in new build-to-rent infrastructure. John Burns Real Estate Consulting reports that there has been more than $30 billion in capital invested in the single-family home space, which has driven rent growth to a 35-year high. Not to mention, Globe St. states that investors snatched up 18% of all single-family homes purchased in Q3 of 2021. In addition, Single-Family rental demand remains high for those who can't afford to buy.


‎FT News Briefing: The Bank of England’s surprise rate rise on Apple Podcasts
‎Show FT News Briefing, Ep The Bank of England’s surprise rate rise - Dec 16, 2021

What You Need To Know

One of the last private equity giants is leaping into the public markets. TPG has filed to go public and joins other buyout firms like KKR and Blackstone, both capitalized on soaring stock valuations when they listed their shares on the stock market. TPG is based in Texas and has more than $100bn in assets under management. An IPO is part of a succession plan. The idea is to take TPG from being a privately held partnership to a fully independent public corporation within five years of the listing (3:09).

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