By Joshua Franklin and Anirban Sen
Jun 29 (.) – Postmates Inc has resuscitated its plans to go public in the wake of a series of deals in the digital home delivery platform in the US, sources familiar with the matter said Monday.
If materialized, the IPO would occur amid an increase in demand for home delivery services, since consumers who have remained at home during the COVID-19 pandemic have ordered food from restaurants and requested home delivery on your purchases from supermarkets.
Postmates registered the IPO prospectus confidentially with the SEC, the U.S. stock exchange supervisor, in February 2019, but had not yet decided to proceed with the IPO.
Just Eat Takeaway.com NV’s $ 7.3 billion deal to acquire GrubHub Inc earlier this month, as well as recent fundraisers by its peers, convinced the company that the time had come to move on. with the plans, the sources said.
The New York Times reported late Monday that giant Uber Technologies Inc., which struggled with Just Eat Takeaway.com to acquire GrubHub, has also made an offer to buy Postmates.
Postmates could go public as soon as next July, starting a process that normally lasts a few weeks until it starts trading, the sources said, although they warned that the plans are subject to changes in conditions. From the market.
The sources asked to remain anonymous because the matter is still confidential. Postmates and Uber declined to comment.
Postmates was last valued at $ 2.4 billion, when it raised $ 225 million in a round of private funding last September.
Founded in 2011 and based in San Francisco, Postmates had an 8% share of the food delivery market in May, with DoorDash leading the way with 44% of the market, according to consultancy Second Measure.
In early June, DoorDash raised $ 400 million from private investors, valuing the company at $ 16 billion. Also this month, food delivery company Instacart nearly doubled its valuation to $ 13.7 billion after a round of private financing.
(Information from Joshua Franklin from New York and Anirban Sen from Bangalore; additional information from Krystal Hu from New York; edited by Sandra Maler, Sonya Hepinstall and Himani Sarkar; translated by Darío Fernández in the Gdansk newsroom)