Postmates was founded in 2011 and is nowadays one of the largest food and other goods delivery services. This is basically an aggregator service that enables connection with local delivery operators to deliver the ordered goods and products. As of the IPO application date, Postmates had 10% market share and was a competitor of Uber Eats, Grubhub, and Doordash.
The company focuses very much on marketing, which allows it to compete with such sharks as Uber Eats. It was the cooperation with the stars and influencers that allowed Postmates to conquer 40% of the market in Los Angeles and attract such large investors, as Founders Fund, Spark Capital, and Tiger Global.
Key Postmates Numbers:
As of January 2019, before the IPO announcement, the company was worth $1.85B. After raising additional investments in fall 2019, the value got up to reach $2.40B.
The news on IPO appeared back in February 2019, when the company was getting actively ready to it, having chosen JP Morgan and Bank of America as underwriters.
Due to the uncertain market conditions, Postmates postponed its IPO for an undetermined period in October 2019. According to the CEO, the company was ready for its IPO, but what really mattered were the macroeconomic data.
As the company is very serious about its IPO, it will be launched when the conditions are the best for it. The odds are that Postmates will run a successful IPO and raise good money for its development moving forward.
The COVID-19 pandemic caused a large growth of the food delivery sector around the globe, which may mean that Postmates IPO will be launched quite soon.
Even after the pandemic is over, people will still use Postmates services: millions of US people value the food delivery service convenience, which means the market will continue growing.
