Food delivery startup Delivery Hero makes it official, prepares for an IPO ‘in the coming months’

robin@tech.eu

Berlin-based Delivery Hero is growing fast. It just raised €387 million in funding from Naspers. And now it's going public.

In a statement released earlier this morning, the food ordering and delivery startup says it is preparing an IPO, with shares to be listed on the regulated market of the Frankfurt Stock Exchange "in the coming months", of course subject to market conditions. One of its main rivals in Europe, Takeaway.com, completed a successful initial public offering in September last year.

Niklas Östberg, co-founder and CEO of Delivery Hero, said:

“Delivery Hero has been on a strong growth path since its inception. Going public and listing our shares on the stock market will further enable us to develop the company and provide us with additional capital to expand our leadership positions in the online food ordering and delivery market. An IPO will also give us more flexibility as we continue to focus on creating an amazing takeaway experience.”

Founded in 2011, Delivery Hero focuses on markets in Europe, the Middle East, the Americas and the Asia-Pacific region, where it operates online marketplaces for food ordering and delivery under a number of local brands.

Delivery Hero has over 6,000 employees in addition to thousands of employed delivery drivers across more than 40 countries.

In 2016, the company says end customers placed 197 million orders, with a total gross merchandise value of 2,62 million euros. Revenue last year came in at 347 million euros.

The startup targets gross proceeds of about 450 million euros from newly issued (primary) shares in its IPO "to ensure a strong positive net cash position following completion".

As of today, approximately 35% of the current share capital of Delivery Hero is held by Rocket Internet, and approximately 10% is held by Naspers, in each case on an undiluted basis.

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