ShipBob is reportedly planning to launch its initial public offering (IPO) as early as the end of 2024.
The listing could value the e-commerce fulfillment service provider at around $4 billion, Bloomberg reported on Friday (April 19), citing unnamed sources.
According to the report, the company has hired JP Morgan Chase to lead its IPO and is also working with Citigroup.
The timing of the IPO and valuation could change, the report said.
ShipBob did not immediately respond to PYMNTS' request for comment.
According to an April 10 press release, the company has a network of more than 50 fulfillment centers in the United States, Canada, United Kingdom, Europe and Australia.
It serves small and medium-sized businesses (SMBs) and mid-sized e-commerce retailers, offering them the choice of outsourcing their entire fulfillment operations, using ShipBob's warehouse management system for in-house fulfillment, or taking advantage of a hybrid solution, it says in the press release.
In the April 10 press release, the company said it had opened a fulfillment center in British Columbia, the first in Western Canada and the fifth in Canada.
In February, ShipBob added its first independent board member: Adam DeWitt, a former CEO of Grubhub. The company noted in a press release that DeWitt has years of executive and board experience at public companies and has helped startups and founder-led companies scale.
According to the Bloomberg report, ShipBob was valued at over $1 billion when it raised $200 million in a Series E funding round in 2021.
This round was led by Bain Capital Ventures. Announcing the round in June 2021, Ajay Agarwal, partner at Bain Capital Ventures Partner, said in a blog post, “The fastest-growing e-commerce brands realize that best-in-class fulfillment drives sales and strengthens customer loyalty.”
Agarwal added that top brands are working with ShipBob to use its “one-stop cloud logistics platform” to deliver goods to people worldwide.
Shortly after this funding round, ShipBob co-founder Dhruv Saxena told PYMNTS that the company provides small businesses with the shipping infrastructure they need to compete with mega-retailers like Amazon and Walmart.
“As an e-commerce brand that sells on its own website, it does not have the infrastructure to meet these ever-increasing consumer expectations,” Saxena said. “That’s exactly what ShipBob is trying to do: give these e-commerce brands access to the same infrastructure that Amazon has built exclusively for itself.”
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