Exclusive: Postmates revives IPO plans amid food delivery deal boom

NEW YORK (Reuters) – Postmates Inc has revived plans for an initial public offering (IPO) following a string of dealmaking in the U.S. online food delivery service sector, people familiar with the matter said on Monday.

Postmates registered its IPO confidentially with the U.S. Securities and Exchange Commission in February 2019, but did not proceed with a stock market debut. Just Eat Takeaway.com NV’s $7.3 billion deal to acquire GrubHub Inc 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)