Postmates to drop IPO filing next month
Postmates plans to make its IPO paperwork public in September, TechCrunch has learned. Despite previous reports indicating the on-demand delivery company is seeking an M&A exit, sources close to the matter say Postmates is on track to go complete an initial public offering this year.
With the S-1 dropping in September, San Francisco-based Postmates is expected to debut on the stock exchange by the end of the third fiscal quarter of 2019. The company has tapped JP Morgan Chase and Bank of America Corp. as lead underwriters, Bloomberg previously reported, though other details of the float, including the size and price range of the proposed offering, have yet to be announced.
“We can’t comment on the IPO process and we don’t comment on rumor or speculation,” a Postmates spokesperson told TechCrunch.
In February, Postmates confidentially filed with the U.S. Securities and Exchange Commission for an IPO. Shortly after, Postmates held M&A talks with DoorDash, another food delivery unicorn, according to people familiar with the matter, but failed to come to mutually favorable terms. DoorDash declined to comment for this story.
Postmates has raised $681 million to date with its latest round coming in earlier this year at a
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