Rappi announces its IPO on the NY Stock Exchange

Colombian startup Rappi announced Monday its foray into the stock market, said its co-founder and global CEO, Simón Borrero.

“The idea is that as a company in 12 months we are going to be ready to go out with all the auditing processes, with the maturity also of projections,” explained Borrero.

Rappi plans to launch its initial public offering (IPO) on the New York Stock Exchange in the United States. «We are patient, we are not anxious because we are already profitable.

So we will be measuring it to be a good time,» he continued.

He said that they would like to conduct it at the Mexican stock market in addition to New York.

We are examining if we can use ingenuity to get a double with Brazil, like Nubank did. Mexico is our greatest market, therefore we would like to have it there,» he stated.

In addition to delivery, Rappi has a fintech sector. In 2021, the company debuted RappiCard, a credit card, in partnership with Banorte. As of this writing, the credit card has over a million members and turned a profit in the first half of this year. It gives eateries credit as well.

It is also marketing its Rappi Turbo model, which promises to revolutionize delivery with its lightning-fast 10-minute deliveries.