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Postmates to publicly announce IPO next month: TechCrunch
Posted on Tuesday, 13 August 2019 10:53
US online delivery start-up Postmates is expected to publicly publish paperwork for its upcoming stock market debut next month after filing confidentially with the US Securities and Exchange Commission back in February, TechCrunch reported. Sources close to the matter told the online technology news website the business is looking to complete an initial public offering (IPO) during the third quarter of 2019. In a report by Bloomberg in February, it was suggested that Bank of America and JPMorgan have been appointed as lead underwriters for the flotation; however, further details, including timing and pricing were not disclosed. The possibility of an IPO for Postmates has been rumored since 2016 when TechCrunch noted the company could be public by 2018. When contacted by the tech news publisher, a spokesperson for the company said the group has no plans to comment on the listing process at this time and does not give statements on market speculation. Postmates uses its logistics platform to connect customers with local couriers that can deliver anything from any store or restaurant in minutes. The business has raised a total USD 681.00 million in funding since being founded in 2011 and was most recently valued at USD 1.85 billion. It is backed by Spark Capital, Founders Fund, Uncork Capital and Tiger Global, among others, and now operates in 2,940 cities in the US, as well as Mexico. The report comes after competitor DoorDash agreed to buy Caviar from Square for USD 410.00 million last week. Zephyr, the M&A database published by Bureau van Dijk, shows that 74 IPOs of data processing, hosting and related service providers have been announced or completed in 2019 to date. The largest of these in the year so far involves ride hailing start-up Lyft raising USD 2.34 billion in March. US-based groups Pinterest, Tradeweb Markets and Alight, as well as Trainline of the UK and Cayman Islands-incorporated but China-headquartered DouYu International Holdings, have also announced large stock market debuts in 2019. © Zephus Ltd