CloudKitchens taps banks for potential IPO in Riyadh, UAE

CloudKitchens, the Los Angeles food startup led by former Uber CEO Travis Kalanick, is adding more banks to its lineup for managing an IPO if it moves ahead with plans for a dual listing in Riyadh and Abu Dhabi.

The company, backed by Saudi Arabia’s Public Investment Fund, added JPMorgan, SNB Capital, and First Abu Dhabi Bank to existing adviser Goldman Sachs, Bloomberg reports.

CloudKitchens operates delivery-focused commercial kitchens around the world. It has connections to both the UAE and Saudi Arabia, with its Middle East unit based in Abu Dhabi and the PIF’s $400 million stake in the company.

Kalanick, who was ousted from Uber in 2017, cultivated deep ties with the PIF, which invested $3.5 billion in Uber.