The grocery-delivery app said it confidentially filed documents to go public with the U.S. Securities and Exchange Commission, confirming news first reported by Bloomberg. A listing could come this year, sources said. (Bloomberg)
Talking point: The company has been planning to go public for some time, telling The Logic “an IPO is on the horizon for us” back in 2019. But the company has repeatedly delayed those plans, most recently in November 2021 after its new CEO took the reins. Former Facebook executive Fidji Simo replaced University of Waterloo alumnus Apoorva Mehta in August. The company also added Nick Giovanni, a Goldman Sachs banker, as CFO in January 2021 and Asha Sharma, also a former Facebook staffer, as COO a month later. It’s a tough time to go public. The U.S. has only seen two IPOs of more than US$500 million priced this year, while Canada hasn’t seen much more activity. Version One Ventures general partner Boris Wertz said “pre-IPO rounds are pretty much dead” amid the economic uncertainty.
