ShipBob is reportedly planning to launch its initial public offering (IPO) as soon as late 2024.
The listing could value the eCommerce fulfillment service provider at about $4 billion, Bloomberg reported Friday (April 19), citing unnamed sources.
The firm has tapped J.P. Morgan Chase to lead its IPO and is also working with Citigroup, according to the report.
The timing of the IPO and the valuation could change, the report said.
ShipBob did not immediately reply to PYMNTS’ request for comment.
The company has a network of more than 50 fulfillment centers in the United States, Canada, the United Kingdom, Europe and Australia, according to an April 10 press release.
It serves small and medium-sized business (SMB) and mid-market eCommerce merchants, allowing them a choice of outsourcing their entire fulfillment operations, using ShipBob’s warehouse management system for in-house fulfillment or taking advantage of a hybrid solution, the release said.
In the April 10 release, the company said it opened a fulfillment center in British Columbia that is its first in Western Canada and its 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 public company executive and board experience and has helped startups and founder-led companies scale.
ShipBob was valued above $1 billion when it raised $200 million in a Series E funding round in 2021, according to the Bloomberg report.
That round was led by Bain Capital Ventures. When announcing the round in June 2021, Ajay Agarwal, partner at Bain Capital Ventures Partner, said in a blog post: “The fastest-growing eCommerce brands recognize that world-class fulfillment increases revenue and build customer loyalty.”
Agarwal added that top brands team with ShipBob to leverage its “one-stop cloud logistics platform” for delivering merchandise to people worldwide.
Shortly after that funding round, ShipBob Co-Founder Dhruv Saxena told PYMNTS that the company offers small businesses the shipping infrastructure they need to compete with mega-retailers like Amazon and Walmart.
“An eCommerce brand that is selling on their own website, they don’t have the infrastructure to compete on these ever-increasing consumer expectations,” Saxena said. “That’s effectively what ShipBob is trying to do: to help these eCommerce brands access the same infrastructure that Amazon has built exclusively for itself.”