Colombian Startup Rappi Plans Potential IPO on New York Stock Exchange Within 12 Months

by Nicholas Edwards · 16/09/2024

Colombian startup Rappi, backed by SoftBank, could launch an IPO on the New York Stock Exchange within 12 months, according to cofounder Simon Borrero.

Bollywoodfever: Colombian startup Rappi, the mobile delivery app backed by Japan’s SoftBank, is preparing to launch an initial public offering (IPO) on the New York Stock Exchange within the next 12 months, according to cofounder Simon Borrero.

“It’s within our plan to go public. It could be on the New York Stock Exchange,” Borrero announced on Monday. “The idea is that in 12 months, we will be ready to come out with all the audit processes and mature projections.”

Rappi, which operates in nine Latin American countries, has a valuation of over $5 billion, making it one of the region’s most prominent unicorns. However, Borrero emphasized that the company is not in a hurry to launch the IPO. Thanks to improved earnings from last year, Rappi is currently profitable.

“We’re patient. We’re not anxious because we’re already profitable, so we’ll be measuring it to pick a good moment,” Borrero explained.

In addition to its delivery services, Rappi offers digital banking options in Colombia and provides financial services in Mexico, Brazil, Peru, and Chile, further expanding its business portfolio.