Delivery startup Gopuff is working with banks including Goldman Sachs Group Inc. for an initial public offering that it’s planning for the second half of the year, according to people familiar with the matter.
The SoftBank Group Corp.-backed startup is also working with Morgan Stanley and JPMorgan Chase & Co. said the people, who asked not to be identified because the discussions are private. Gopuff’s plans for an IPO could still change, the people said.
Representatives for Gopuff and Goldman Sachs, Morgan Stanley and JPMorgan declined to comment. Reuters reported earlier that the banks would have roles in the IPO.
In December, Gopuff took a big step toward going public by issuing a $1.5 billion pre-IPO convertible note led by Guggenheim Partners, which was already an investor, Bloomberg News reported. The note will convert to shares at either the IPO price or at a maximum valuation of $40 billion, the people said.
Founded in 2013 by college students in Philadelphia who wanted to make it easier to get convenience items delivered, Gopuff operates across the U.S. and parts of Europe. The company delivers thousands of products, from ice cream to cleaning sprays, for a flat fee. It’s backed by firms including Accel,Blackstone Inc., Baillie Gifford,D1 Capital Partners and SoftBank’s Vision Fund.