Just Eat, an online food ordering and delivery service, has listed on the London Stock Exchange’s ‘High Growth Segment’ today, offering 138,502,501 ordinary shares at 260 pence each to raise £360 million (about $599 million).
— David Buttress (@davidjusteat) April 3, 2014
The IPO values the company at £1.47 billion, much higher than the valuation range of £700 million and £900 million the company was earlier said to be looking at. Just Eat will be receiving £100 million from the public listing. Earlier, a company spokesperson told TNW that the funding will go towards efforts to formalize its collection service — which would see more restaurants listed on its platform. Currently, collection orders are supported, but only for restaurants that also offer delivery at other times.
The ‘High Growth Segment’ of the main London market is designed specifically to attract tech startups. Just Eat is the second online food delivery service in a short span of time to go public – US-based GrubHub filed for a $100 million IPO at the end of February.
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