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The media IPO market is beginning to heat up

Jan 29, 2024
Illustration of an infinite stack of Wall St. bulls.

Illustration: Shoshana Gordon/Axios

The IPO market for companies connected to the media space is coming back to life.

Why it matters: The IPO market has been thawing as economic conditions improve, but recent history has not been kind to media IPOs.

Driving the news: Flutter Entertainment, the Dublin-based owner of U.S. online sports betting leader FanDuel, debuted its listing on the New York Stock Exchange Monday morning.

  • Shares opened at $205 and were trading around $207 mid-Monday morning.
  • Flutter is listed on the London Stock Exchange and canceled its secondary listing in Dublin in order to join the NYSE.
  • The company said Monday it plans to make New York its primary listing.

Zoom in: Social media giant Reddit, is prepping its IPO in March and could target a valuation as high as $5 billion, Bloomberg reported Sunday.

Zoom out: The IPO revival is being driven by strong stock market performance, with the S&P 500 recently hitting a fresh record and improving economic sentiments, Dan Primack reports.

  • Over 100 companies raised $19.4 billion in U.S. IPOs last year, according to Renaissance Capital.
  • That was a marked improvement over 71 companies raising $7.7 billion in 2022, but well short of the 397 companies that raised $142.4 billion in 2021.
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