Encyclopaedia Britannica aiming for $1 billion valuation in forthcoming IPO
Encyclopaedia Britannica, the publisher of the Merriam-Webster dictionary, is setting sights on a $1 billion valuation for its upcoming initial public offering (IPO), as per Bloomberg. The Chicago-based firm could make its public debut as early as June, with deliberations regarding the IPO's pricing and timing still in progress. Encyclopaedia Britannica has been planning to go public since 2022. In January this year, the publisher announced it had confidentially filed for an IPO with the US Securities and Exchange Commission.
Encyclopaedia Britannica's revenue in 2022 was $100 million
Established in Scotland in 1768, Encyclopaedia Britannica boasts a rich legacy of over 250 years as the oldest English-language general encyclopaedia. The company transitioned ownership to investor Jacob E. Safra in 1996 and has since broadened its portfolio to incorporate brands like Merriam-Webster dictionary, Britannica Education, and AI software firm Melingo. These brands collectively attract more than seven billion page views annually from 150 million students across 150 countries. The company's revenue in 2022 was approximately $100 million.
Billion-dollar IPOs rule the roost in 2024
Encyclopaedia Britannica joins an increasing trend of companies aiming to go public in 2024 with billion-dollar valuations. Social media giant Reddit is set to launch its IPO this week, targeting a valuation of around $6.5B. In the retail sector, fashion behemoth Shein, last appraised at around $60B in 2023, is gearing up for market debut. Restaurant chain Panera Brands and Kim Kardashian's clothing brand Skims are anticipated to debut their IPOs with projected valuations of $7.5B and $4B, respectively.
