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.
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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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