Rocket's Delivery Hero aims to raise €1bn in IPO

Business 6/19/2017, 10:12 AM
Rocket's Delivery Hero aims to raise €1bn in IPO

Germany's internet startup incubator powerhouse is set to profit from the upcoming listing of Delivery Hero AG, online food takeaway it backed. The firm, also headquartered in Berlin and 35% owned by Rocket Internet SE, said it priced its initial public offering at €22 to €25.5 per share. The move depends on regulatory clearance and the final price will be determined by bookbuilding and released on June 28, the press release said. Trading in the IPO may start two days after that.

Delivery Hero will debut in Frankfurt, and the range allows for the possibility for it to raise a few million below $1 billion, valuing the firm at up to €4.4 billion. There will be 18.95 million newly issued ordinary shares and 15 million in existing shareholder stock. Another 5.1 million ordinary shares from Rocket's Global Online Takeaway Group SA may be placed with investors in case of an overallotment, the company announced. Existing owners will face lockup of 180 days, with one year proscribed for management board members.

In 2015, Delivery Hero has taken over Talabat.com of Kuwait, after which it bought Yemeksepeti in Turkey and Foodora from Germany's capital.

TeleTrader Newsroom / IT

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