Online food takeaway firm Delivery Hero said it would sell up to 39 million shares in its initial public offering (IPO), raising around €927m (£814.3m), as it seeks to fend off new competitors such as Uber and Amazon.
Delivery Hero will become the fourth major online food delivery firm to go public in recent years globally, following GrubHub, Just Eat and Takeaway.com, which have all seen their shares soar since listing.
Almost 19 million of the shares to be offered to investors at €22.00 to €25.50 apiece will be from a capital increase, Delivery Hero said on Monday. Fifteen million shares will come from existing shareholders, including German e-commerce investor Rocket Internet.
The listing will provide a much-needed boost to struggling Rocket Internet, which holds a 35 per cent stake in Delivery Hero, making it the biggest holding in its portfolio.
An additional 5.1 million shares indirectly held by Rocket could be placed in an over-allotment, Delivery Hero said.
The shares are expected to start trading on the Frankfurt Stock Exchange on June 30.
Founded in Berlin in 2011, Delivery Hero has grown rapidly and now employs over 6,000 people, providing a digital platform to order meals from more than 150,000 restaurants in 40 countries in Europe, the Middle East, Latin America and Asia.
Reuters
