Online food delivery platform startup Delivery Hero is going public, following in the footsteps of GrubHub, Just Eat and Takeaway.com. The latter saw their shares skyrocket after listing, and Delivery Hero is likely looking for a similar spike as it endeavors to stave off heavyweights Uber and Amazon.
Delivery Hero was founded in Berlin in 2011. The food delivery startup now offers delivery from more than 150,000 restaurants in 40 countries across Europe, the Middle East, Latin America and Asia, rivaling Uber with its UberEATS offering. It has over 6,000 employees and is valued at around €4.39 billion ($4.9 billion USD).
Delivery Hero said it will be selling up to 39 million shares in its IPO. With shares priced at €22.00 ($24.53 USD) to €25.50 ($28.43 USD) apiece, the IPO is projected to raise over a billion dollars (€927 million). Trading reportedly starts on the Frankfurt Stock Exchange on June 30.
Close to 19 million of the shares to be offered will come from a capital increase, according to Delivery Hero. Fifteen million will come from existing shareholders.
That could spell good news for Rocket Internet, a German startup incubator. The eCommerce investor holds a 35 percent stake in Delivery Hero and has already seen positive movement in the stock market due to expectations of a successful IPO for Delivery Hero.
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