Food delivery firm Wonder files for stock market debut

The food delivery company Wonder has confidentially filed for an initial public offering. The filing was announced on Thursday, marking a major step for the startup founded by Marc Lore in 2018.

Wonder operates through a vertically integrated app that aggregates menu items from more than two dozen restaurant brands. These brands span various cuisines, and some carry the branding of celebrity chefs. The company currently runs approximately 170 brick-and-mortar locations across the United States. These sites serve both delivery and takeout orders. This model evolved from Lore's original concept of sprinter vans equipped with mobile kitchens.

The company has spent at least $1 billion on acquisitions. These purchases include the delivery service Grubhub, the meal kit brand Blue Apron, and the logistics provider Relay. Wonder has funded these deals with more than $3 billion in venture capital. A Series D round earlier this year set the company's pre-money valuation at $9 billion.

Lore told CNBC in September that IPO proceeds would support further acquisitions and help make food more accessible. However, the company will face increased scrutiny from public investors. Weak consumer sentiment has recently pressured restaurant stocks. Market volatility has also made the IPO environment unstable for companies in many sectors.

Starting November 17, Wonder will launch a program called Wonder Create. This platform allows influencers, entrepreneurs, and brands to start their own restaurant businesses. Participants pay a monthly fee of $10 to operate out of a Wonder location. They earn a share of the revenue from resulting orders.

Lore previously founded Diapers.com and Jet.com. He sold Diapers.com to Amazon and Jet.com to Walmart.