Europe

$2.44 Billion Valuation For Just East IPO

Just East, which operates mobile app and websites to allow users to order food from local restaurants online, priced its initial public offering at 260 pence a share, giving it a market capitalization of $2.44 billion (£1.47 billion).

The offer is expected to raise gross proceeds of around $600 million (£360.1).

Just Eat said it would receive $166 million (£100 million) from the offer, while selling shareholders, backers like Greylock Partners, will take the remaining funds raised.

Just East launched its first website in 2001, it is now operating in 13 countries across Europe.

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