Food technology firm GrubMarket confidentially files for US IPO

July 28 (Reuters) – GrubMarket, a food supply chain and delivery group, has confidentially filed for a U.S. initial public offering, it said on Tuesday.

The IPO market has bounced back strongly after a brief lull in March as pent-up demand for new listings and stronger market conditions encouraged more issuers to move ahead with their listings.

Top Wall Street executives have also pointed towards a broadening of the IPO pipeline, as more consumer-linked companies flock to the new listings market.

The move comes months after the California-based company raised $50 million in February at $4.5 billion pre-money valuation in a funding round.

Founded in 2014, GrubMarket connects wholesalers and distributors to grocers, restaurants and other food buyers through its platform. The firm operates across the U.S. and more than 70 countries globally.

The company has been eyeing a stock market listing for some time. CEO Mike Xu said in late 2021 that GrubMarket was looking to debut within the next year or so.

Over the years, GrubMarket has bulked up through acquisitions, including Coast Citrus, the largest in its history, and Delta Fresh Produce.

GrubMarket last year settled charges with the Securities and Exchange Commission for what Wall Street’s top regulator claimed was overstating revenue to investors by more than $500 million.

Confidential ​filings allow companies ​to keep their ⁠finances under wraps until closer to the listing and prepare for IPOs away from public market scrutiny.

The number of shares to be offered and the price range for the proposed offering have not yet been determined, GrubMarket said.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)