Colombia’s Rappi could be ready for IPO in 12 months, cofounder says
4:07 pm Monday, September 16th, 2024
BOGOTA (Reuters) – Colombian startup Rappi, which is backed by Japan’s SoftBank, could be ready to launch an initial public offering on the New York Stock Exchange within 12 months, cofounder Simon Borrero said on Monday.
“It’s within our plan to go public, it could be on the New York Stock Exchange,” Borrero told 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)
