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.