E-commerce startup ShipBob seeks to hire banks for 2024 IPO -sources
05/02/2024 22:04
By Echo Wang and Anirban Sen
Feb 5 (Reuters) - E-commerce logistics provider ShipBob
is seeking to hire underwriters for a U.S. initial public
offering (IPO) that could be launched this year, according to
people familiar with the matter.
The Chicago-based company has invited several major
investment banks, including Goldman Sachs GS.N , JPMorgan Chase
JPM.N , Morgan Stanley MS.N , Citigroup C.N , Bank of America
BAC.N and Barclays BARC.L , to pitch for underwriter roles on
the IPO, the sources said.
The IPO could value ShipBob at as much as $4 billion, one of
the sources said. The sources requested anonymity because the
matter is confidential.
ShipBob, Goldman Sachs, Morgan Stanley, Barclays, Citi and
Bank of America did not immediately respond to requests for
comment. JPMorgan declined to comment.
The U.S. IPO market is slowly recovering after two years of
subdued activity. Last week, athletic apparel maker Amer Sports
AS.N raised $1.37 billion in a discounted U.S. IPO, one week
after BrightSpring Health Services BTSG.O priced its $633
million offering below its indicated range.
ShipBob, which handles fulfilment for small and medium-sized
e-commerce businesses, named former Amazon AMZN.O logistics
executive Melissa Nick as its first chief supply chain officer
last year, and most recently added former Grubhub CEO Adam
DeWitt as its first independent board member.
Founded in 2014, ShipBob raised $200 million at a valuation
of more than $1 billion in a private funding round in 2021 led
by Bain Capital Ventures.
ShipBob also counts SoftBank Group, Menlo Ventures and Y
Combinator amongst its prominent investors.
(Reporting by Echo Wang and Anirban Sen in New York; Editing by
Josie Kao)
((E.Wang@thomsonreuters.com; +13322191785; Reuters Messaging:
@deer_echo_))