Postmates is planning to file paperwork for an initial public offering within days, a source with knowledge of the matter told FOX Business.
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The San Francisco-based food-delivery platform is still fielding takeover offers, but analysts believe it could be worth more than the $2.6 billion bid reportedly made by Uber Technologies. Jake Fuller, a New York-based analyst at BTIG, said recently that Postmates may be worth as much as $3.9 billion.
The company last October delayed its plans to go public due to market conditions, according to Recode, which cited people familiar with the matter.
Postmates and other food-delivery platforms, such as Uber Eats and GrubHub, have seen sales surge 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.”
JPMorgan Chase and Bank of America are expected to oversee the filing.