Jackie DeAngelis of FOX Business reports that Postmates intends to apply for an IPO in a matter of days, but is still offering purchase offers.
Postmates is planning to submit documents for an initial public offering in a matter of days, a source with knowledge of the matter told FOX Business.
The San Francisco-based food delivery platform is still offering takeover bids, but analysts believe it could be worth more than the $ 2.6 billion offer purportedly made by Uber Technologies. Jake Fuller, a New York-based analyst at BTIG, recently said Postmates may be worth up to $ 3.9 billion.
The company delayed its plans to go public last October due to market conditions, Recode said, citing people familiar with the matter.
TESLA SHATTERS WALL STREET DELIVER PROJECTIONS DESPITE THE CORONAVIRUS CLOSURE
Postmen and other food delivery platforms, such as Uber Eats and GrubHub, have seen a surge in sales since restaurants were forced to close their dining rooms during the COVID-19 pandemic. Delivery companies charge restaurants high commissions, up to 30 percent of their order, and a delivery fee. The food delivery business generates about $ 30 billion a year, according to Morgan Stanley.
Postmates plans to list shares on the Nasdaq under the ticker “MATE”.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
JPMorgan Chase and Bank of America are expected to oversee the presentation.
