Postmates, an on-demand delivery company based out San Francisco, made it public in its IPO paperwork it would go public in September. However, sources close to the matter say the company is planning to go public by the end of this financial year.
The underwriters for the on-demand delivery company are Bank of America Corp and JP Morgan Chase and expected to go public on the stock exchange fourth quarter of 2019.
The San Francisco based company’s spokesperson stated: “We are not authorized to comment on Postmates IPO.”
Earlier this year, in February, the on-demand company secretively filed for IPO with the Securities and Exchange Commission. There were rumors post IPO filings that Postmates would be merging with DoorDash, according to people close to the matter.
Postmates is in the last round of funding was valued at $1.85 billion. However, DoorDash, in its Series G was valued at $12.59 billion and raised $600 million.
The billion-dollar company would not only compete with DoorDash but also Uber, Grubhub and Caviar.
UberEats monthly active user grew by 140% from the previous month and did $3.39 billion in gross bookings in its previous quarter. However, the CEO of Uber, Dara Khosrowshahi, stated that Uber is still years away from profitability.
Bastain Lehmann founded Postmates in 2011 and has been backed by many venture capital firms.