SoftBank-backed Gopuff hires banks for IPO: sources

SoftBank-backed Gopuff hires banks for IPO: sources

Gopuff, the SoftBank Group Corp.-backed delivery startup that was valued at about $15 billion last year, has tapped banks to lead preparations for a US initial public offering, people familiar with the matter said on Tuesday. US-based Gopuff, which operates in 1,000 cities in the United States and Europe, is working with Morgan Stanley and Goldman Sachs Group Inc. on its planned stock market float, which is expected later this year, the sources said. It also plans to tap other underwriters, including JPMorgan Chase , the sources added. The sources cautioned that the timing, valuation and size of the IPO were subject to market conditions. All sources requested anonymity because the discussions are confidential. Gopuff, Morgan Stanley, Goldman Sachs and JPMorgan declined to comment. The sources said that GoPuff is expecting to be valued at a significant premium to its $15 billion valuation from a fundraise in July. Gopuff was valued at just $4 billion in an October 2020 fundraising. The company also issued a convertible note in December to raise $1.5 billion from existing investor Guggenheim Investments and other debt holders, the sources said. The note will convert to equity at either the IPO price or at a maximum