Briefing

Postmates to unveil IPO filing next month, on track to go public this year

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The San Francisco-based food-delivery company’s stock is expected to debut by the end of its 2019 third quarter. The filing was made confidentially to the U.S. Securities and Exchange Commission in February. (TechCrunch)

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Talking point: Postmates is up against fierce competition in the U.S. from well-funded major players Grubhub and Uber Eats, which, together, had about a 72 per cent share of the U.S. food-delivery market as of April 2018. DoorDash itself has seen a significant injection of cash, with a US$535-million investment from SoftBank’s Vision Fund in March 2018. A month later, in April, it was reported that Postmates held unsuccessful merger talks with DoorDash; at the time, the two companies would have had a combined U.S. market share of about 23 per cent (alone, Postmates’ was 9.1 per cent). Meanwhile, Postmates is dipping its toes into other markets: in June, The Logic reported that the company had quietly set up its first Canadian office and hired a number of staff in both Vancouver and Toronto.