The storied publisher behind the Merriam-Webster dictionary, Encyclopædia Britannica, is seeking a $1 billion valuation in its initial public offering (IPO), Bloomberg reports.
The Chicago-based company could go public as soon as this June. People close to the matter told Bloomberg that discussions for the IPO’s price and timing are still ongoing. Encyclopædia Britannica did not immediately respond to a request for comment.
Earlier this year, the company announced in a press release that it confidentially filed a registration statement with the U.S. Securities and Exchange Commission. The publisher has been seeking to go public since at least 2022.
The evolution of Encyclopædia Britannica
The Encyclopædia Britannica was first published more than 255 years ago in Scotland, making it the oldest English-language general encyclopedia.
Founded in 1768, the publisher was sold to investor Jacob E. Safra in 1996. The company’s brands now also include the Merriam-Webster dictionary, the education resource platform Britannica Education, and the AI software company Melingo. Collectively, all its brands collect more than 7 billion page views annually by 150 million students in 150 countries.
In 2022, CEO Jorge Cauz said the company’s revenue that year was in the neighborhood of $100 million.
Billions in IPOs in 2024
Encyclopædia Britannica joins other major companies that are going public this year with billion-dollar tickets attached. The social media platform Reddit is set to launch their IPO this week with a valuation of about $6.5 billion.
In retail, fast fashion giant Shein is set to go public this year. The company was last valued at about $60 billion in 2023. Restaurant chain Panera Brands and the Kim Kardashian-owned clothing brand Skims are also expected to launch IPOs this year with estimated valuations at $7.5 billion and $4 billion, respectively.