Colombia's Rappi could be ready for IPO in 12 months, cofounder says
Adds context and quotes in paragraphs 3-6
BOGOTA, Sept 16 (Reuters) -Colombian startup Rappi, which is backed by Japan's SoftBank 9984.T, could be ready to launch an initial public offering on the New York Stock Exchange within 12 months, cofounder Simon Borrero saidon Monday.
"It's within our plan to go public, it could be on the New York Stock Exchange," Borrerotold reporters. "The idea is that as a company, in 12 months, we will be ready to come out with all the audit processes, with mature projections as well."
Rappi, a mobile delivery service app, operates in nine countries across Latin America and is considered a unicorn due to its valuation of over $5 billion.
But Borrero said the company is in no rush to launch an IPO, taking into account its better earnings figures reported last year.
"We're patient, we're not anxious because we're already profitable, so we'll be measuring it so that we pick a good moment," he said.
In addition to its delivery offering, Rappi offers digital banking options in Colombia and other financial services in Mexico, Brazil, Peru and Chile.
Reporting by Nelson Bocanegra
Writing by Oliver Griffin
Editing by Leslie Adler
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
