Delivery Hero CEO Niklas Östberg

Delivery Hero intends to sell up to 39 million shares in an initial public offering (IPO) that could see it raise up to €996 million (£871 million; $1.1 billion).

The proceeds from the IPO will be used to help Delivery Hero grow and expand as it looks to take on US tech giants that are entering the takeaway market such as Uber and Amazon.

The food delivery startup said on Monday that it will sell shares for €22-€25 each when it floats on the Frankfurt Stock Exchange. The float is expected to take place on June 30.

Niklas Östberg, CEO of Delivery Hero, said in a statement: “The expected launch of our IPO is an important and exciting next step for us.

“We will continue our successful journey as a listed company and will seek to further expand our global leadership position in the online food ordering and delivery market.”

Founded in Berlin in 2011, Delivery Hero is an online food service that operates in 53 countries under a number of local brands. It employs around 6,000 people, as well as thousands of additional delivery drivers.

In 2016, customers placed 197 million orders, according to Delivery Hero, and revenue last year came in at €347 million (£304 million).

Last month, Delivery Hero announced that it had raised €387 million (£328 million) at a valuation of $3.1 billion (£2.4 billion). In total, Delivery Hero has raised over £1.3 billion.

Join the conversation about this story »

NOW WATCH: The world now has a beer ATM

Source: http://www.thisisinsider.com/delivery-hero-looks-to-raise-11-billion-in-ipo-2017-6

Advertisements