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Fresh off a funding round, food delivery startup Postmates files for IPO
Postmates Inc., one of the major players in the multibillion-dollar food delivery segment, is going public.
The company today disclosed that it has filed for an initial public offering with the U.S. Securities and Exchange Commission. The filing itself is confidential, with Postmates saying that the financial details have not yet been hammered out.
But a Bloomberg report published right before the IPO announcement provides a small glimpse into the company’s plans. Unnamed sources told the publication that the public offering could give Postmates a market capitalization higher than $1.85 billion, the valuation it received after its most recent $100 million funding round last month. The company earlier raised $300 million from a consortium led by Tiger Global Management LLC.
According to Bloomberg’s sources, Postmates has tapped JPMorgan Chase & Co. and Bank of America Corp. to act as lead underwriters in the IPO. The company is heading to the stock market following a year of rapid growth in which it expanded to 550 U.S. cities.
Postmates’ operation relies on more than 240,000 couriers and reaches some 70 percent of American households, according to the company. It claims to be processing 5 million deliveries per month for customers. The food delivery provider told Recode last April that it was expecting to close 2018 with revenues of about $400 million on $1.2 billion worth of food sales.
Postmates competes with larger rivals such as publicly traded GrubHub Inc., which today reported fourth-quarter net revenue of $288 million on $1.4 billion in food orders. The company increased total annual revenue by 47 percent year-over-year in 2018 to $1 billion.
Another fast-growing rival with which Postmates has been competing for orders is Uber Technologies Inc., which is also set to go public this year. The company is reportedly looking to debut on the stock market with a valuation as high as $120 billion, which would make it the second-biggest listing since Alibaba Group Holding Ltd.’s 2014 IPO.
Uber rival Lyft Inc. and Slack Technologies Inc. are also among the tech companies slated to go public in 2019.
Photo: Postmates
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