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The pandemic turned Postmates’ IPO plans into a bidding war between Uber and Wall Street


Postmates, which is being bought by Uber, has not turned a profit since its inception.

Justin Sullivan/Getty Images

On March 17, the day the San Francisco Bay Area became the first major metropolitan area to enact a shelter-in-place policy due to the COVID-19 pandemic, Postmates Inc. engaged a bank to lead it to either an IPO or an acquisition.

As the pandemic stretched on, Postmates’ sales doubled, and eventually a monthlong bidding war ensued between Uber Technologies Inc., blank-check companies and the IPO market, according to an Uber filing with the Securities…


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