Food Delivery Company Postmates Has Filed an IPO

Food delivery start up Postmates has filed for an initial public offering according to a report from Bloomberg.

The San Francisco-based company confirmed on Thursday that the IPO was filed confidentially to the U.S. Securities and Exchange Commission.

The company said in its press release that it had “submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to its proposed initial public offering of its common stock. The size and price range for the proposed offering have not yet been determined. The initial public offering is expected to commence after the completion of the SEC review process, subject to market and other conditions.”

It has not yet been determined however what the price range or size of the proposed offering is.

JPMorgan Chase & Co. and Bank of America Corp. have been chosen as Postmates’ lead underwriters for the offering, according to unidentified people who are familiar with the situation.

According to the sources, Postmates’ could have a valuation of over $1.58 billion. It had received this valuation last month when the company raised $100 million from existing shareholdersa nd BlackRock Inc.

Chief Financial Officer Kristin Schaefer recently told The Information, “We can be profitable in a couple of quarters. I know lots of companies say that, but we definitely could.”