Rappi responds to rumors of an upcoming IPO
Rappi, the largest delivery platform in Latin America, was said to be getting ready to go public in 2022. Several investors have started filling their shopping cart, but there is a problem.
Yesterday Thursday, many investors were excited by the announcement of an upcoming IPO of Rappi, the main delivery platform in Latin America and the second Colombian unicorn . Sadly, the company denied the statements of its co-founder, Juan Pablo Ortega , and flatly denied that they are planning to launch on the stock market .
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In the framework of the Web Summit conference in Lisbon, Portugal, the Rappi co-founder would have revealed that the platform was getting ready to be listed on Wall Street with an IPO during the first half of 2022, as reported by Bloomberg.
"We plan to hold an initial public offering in the United States ," Ortega told a group of journalists. He also stated that the company initiated informal conversations with banks and they are looking for advisers to prepare the necessary documentation in the process of entering the stock market .
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"Mr. Ortega's statements are personal feelings that do not represent the objectives, the steps, or the current moment of the company," they indicated from Rappi in a statement delivered to Forbes Colombia.
The company also assured that it has not initiated any type of actions aimed at the eventual launch of a public offering for next year.
Private equity funds rank second as the main source of funding among entrepreneurs, only after banks and almost on a par with providers. https://t.co/8PU2z3imxi- Entrepreneur in Spanish (@SoyEntrepreneur) October 29, 2021
Rappi was founded in 2015 in Bogotá, Colombia, and currently offers food delivery, supermarket and financial services, among others. Today it has a presence in 250 cities in 9 Latin American countries , as well as offices in Sao Paulo, Brazil, and in Mexico City.
In 2018, Rappi achieved the dream of any entrepreneur: it went from being a startup, to becoming a unicorn valued at more than 1,000 million dollars , the second born in Colombia (the first was LifeMiles, in 2017).
Now the firm is backed by funds such as Softbank, Tiger Global, Baillie Glifford, Sequoia and Third Point, Singapore's largest fund, among others. In its latest round of investment, it raised its valuation to $ 5.25 billion in June 2021, according to Statista.
If Rappi makes an eventual exit to the stock market , it would follow in the footsteps of the Brazilian neobank Nubank , which has already submitted a registration application to go public in the United States and Brazil. The fintech is seeking a valuation of up to $ 50.6 billion in its initial public offering.