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Postmates has quietly revived its plans to go public amid a surge of food delivery deals during the pandemic


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Postmates has quietly revived its plans to go public amid a surge of food delivery deals during the pandemic

Food delivery company Postmates has quietly revived plans for an initial public offering, people familiar with the matter told Reuters on Monday.Postmates confidentially filed its IPO plans with the SEC in February 2019, but didn’t proceed with a stock market debut at that point.But recent deals in the industry, including Grubhub’s planned merger with European…

Postmates has quietly revived its plans to go public amid a surge of food delivery deals during the pandemic
  • Food delivery company Postmates has quietly revived plans for an initial public offering, people familiar with the matter told Reuters on Monday.
  • Postmates confidentially filed its IPO plans with the SEC in February 2019, but didn’t proceed with a stock market debut at that point.
  • But recent deals in the industry, including Grubhub’s planned merger with European delivery giant Just Eat Takeaway, convinced Postmates to move ahead with a public offering.
  • The sources said Postmates could make its IPO registration public as early as July.
  • Visit Business Insider’s homepage for more stories.

Postmates has revived plans for an initial public offering following a string of dealmaking in the US online food delivery service sector, people familiar with the matter said on Monday.

Postmates registered its IPO confidentially with the US Securities and Exchange Commission in February 2019, but did not proceed with a stock market debut. Just Eat Takeaway.com’s $7.3 billion deal to acquire Grubhub earlier this month, as well as recent fundraisings by peers, convinced it that the time had come to press ahead, the sources said.

Postmates could make its IPO registration public as early as July, kicking off what is typically a process lasting only few weeks until it goes public, the sources said, cautioning that the plans are subject to changes in market conditions.

The sources requested anonymity because the matter is confidential. Postmates declined to comment.

(Reporting by Joshua Franklin in New York and Anirban Sen in Bangalore; Additional reporting by Krystal Hu in New York; Editing by Sandra Maler)

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Read the original article on Reuters. Copyright 2020.

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