**UPDATE:** _The placement has concluded with Rocket Internet selling 12.2 million shares of HelloFresh at €12.30 a share, totalling a little above the target of €150 million. The transactions are expected to close on April 23._
Startup builder Rocket Internet has announced that it will sell shares in meal kit delivery company HelloFresh for proceeds of around €150 million.
The placement will be offered to institutional investors globally in the form of accelerated book-building. It has opened immediately and is expected to close later today.
HelloFresh listed on the Frankfurt Stock Exchange late last year. The original IPO lock-up period – a period of time where shareholders cannot sell shares after the IPO – was scheduled to expire on May 1 2018 but bookrunners have waived the agreement. Once today’s placement is complete, Rocket Internet will be subject to a lock-up extension that will run until July 30.
After the placement, Rocket Internet will also giver other pre-IPO shareholders in HelloFresh the option to sell their shares to Rocket Internet at the placement price (minus costs and expenses); the put option will be subject to the new lock-up agreement too.