Colombia's Rappi may be IPO-ready within 12 months, cofounder says

Colombia's delivery platform, Rappi, could be prepared for an initial public offering (IPO) within the next 12 months, according to one of its co-founders. The company has been expanding rapidly and is now positioning itself for a potential public listing. This move would mark a significant milestone for Rappi as it continues to grow and explore new opportunities in the competitive delivery service market.

BOGOTA, Sept 16 (Reuters) – Colombian startup Rappi, backed by Japan's SoftBank, may be ready to launch an initial public offering (IPO) on the New York Stock Exchange within the next 12 months, cofounder Simon Borrero stated on Monday.

“It’s part of our plan to go public, possibly on the New York Stock Exchange,” Borrero told reporters. “The goal is that in 12 months, we will be fully prepared with all audit processes completed and have mature financial projections.”

Rappi, a mobile delivery app, operates in nine Latin American countries and has achieved unicorn status with a valuation exceeding $5 billion.

However, Borrero emphasized that the company is not in a rush to go public, citing improved earnings from last year.

"We’re patient and not in a hurry because we're already profitable. We'll carefully time the IPO to ensure the right moment," he explained.

Besides delivery services, Rappi offers digital banking in Colombia and other financial services in Mexico, Brazil, Peru, and Chile.

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Source: Reuters‍