Postmates confidentially files for IPO

(Reuters) - Grocery and food delivery platform Postmates Inc said on Thursday it had confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission.

Postmates, which has tied up with companies such as Walmart Inc, Starbucks Corp and Chipotle Mexican Grill Inc for delivery services, operates in 2,940 U.S. cities, as well as in Mexico.

The San Francisco, California-based company was valued at $1.85 billion in its latest funding round, Recode said in January.

Postmates has raised over $675 million in funding over 11 rounds. Its latest funding round was in January, where it raised $100 mln from investors including asset manager BlackRock Inc and investment firm and hedge fund Tiger Global, according to data provider Crunchbase.

The initial public offering is expected to start after the completion of the SEC review process, subject to market and other conditions, the company said in a statement https://reut.rs/2GdONtb.

Postmates did not specify the number of shares it was selling or the price range of the offering.

Ride hailing service providers Uber and Lyft, as well as business messaging platform Slack have all confidentially filed for their IPOs in recent weeks.

(This story corrects to 2,940 U.S. cities from 385 in para 2 after the company clarified.)

(Reporting by Diptendu Lahiri in Bengaluru)

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