ShipBob Picks JPMorgan to Lead IPO As Soon As Late 2024

Amy Or, Gillian Tan and Ryan Gould, Bloomberg News

Carts with packages at an Amazon Fulfillment center on Cyber Monday in Robbinsville, New Jersey, US, on Monday, Nov. 27, 2023. An estimated 182 million people are planning to shop from Thanksgiving Day through Cyber Monday, the most since 2017, according to the National Retail Federation. , Bloomberg

(Bloomberg) -- E-commerce fulfillment service provider ShipBob Inc. has chosen JPMorgan Chase & Co. to lead its planned initial public offering, people familiar with the situation said.

Chicago-based ShipBob has also tapped Citigroup Inc. as part of the syndicate, the people said, asking not to be identified as the information is private. A listing may take place as soon as late this year and could value the company at about $4 billion, they said.

Details such as the IPO timing and valuation of the company may still change, the people said. A representative for ShipBob didn’t respond to requests for comment. Representatives for JPMorgan and Citigroup declined to comment.

A listing would see ShipBob join the growing cohort of companies going public in the US as a two-year IPO slump comes to an end. Companies have raised around $12.1 billion in IPOs on US exchanges so far this year, more than three times the amount from the same period in 2023, according to data compiled by Bloomberg.

Read More: Wall Street Bank Leaders Hail IPO Market’s Budding Revival

Founded in 2014, ShipBob provides software and other services to help e-commerce companies improve operations. It has a network of more than 50 fulfillment centers in the US, Canada, the UK, Europe and Australia, a recent statement showed. The company’s products integrate with online shopping giants such as Amazon.com Inc., Shopify Inc. and Walmart Inc.

ShipBob raised $200 million in a Series E funding round in 2021, led by Bain Capital Ventures and with participation from SoftBank Vision Fund, according to a statement at the time. The round brought its total funds raised to $330.5 million and pushed its valuation above the $1 billion mark, the statement showed.

--With assistance from Katie Roof.

(Updates with context in fourth and fifth paragraphs.)