Delivery Hero, a Germany-based online food ordering platform backed by corporates Naspers, Tengelman and Rocket Internet, plans to launch an initial public offering, Reuters has reported, citing people close to the matter.
The IPO could value the company at between €3.5bn and €4bn ($3.9bn to $4.5bn) and will take place in Frankfurt. A source told Reuters that up to €1bn of shares could be sold, about half of which would be from existing investors.
The company intends to launch the offering by the middle of next month, and to close it roughly four weeks later.
Delivery Hero operates an online food ordering and delivery business that stretches across 150,000 restaurants in 40 markets in Europe, Latin America, the Middle East, North Africa and the Asia-Pacific region.
Should the proposed valuation pan out, it could prove to be a particularly successful offering for media and e-commerce group Naspers, which invested $423m in the company earlier this month, reportedly at a $3.1bn valuation.
Delivery Hero has raised more than $1.4bn in funding since it was founded in 2011, $568m of which came from e-commerce holding group Rocket Internet in early 2015.
Retail chain Tengelmann is also an investor, having contributed to Delivery Hero’s $5.5m series A round in 2011 and its $30m series D two years later.
The company’s other backers include Holtzbrinck Ventures, Vostok Nafta, Ru-Net, Insight Venture Partners, Kite Ventures, Team Europe, Kreos Capital, Phenomenon Ventures, Luxor Capital, General Atlantic and Point Nine Capital.