Germany-based online food ordering platform Delivery Hero has gone public in a €996m ($1.13bn) initial public offering that gave a partial exit to e-commerce holding company Rocket Internet.
The IPO consisted of 18.95 million newly issued shares, 15 million shares held by existing investors and 5.09 million shares held by the Rocket Internet-founded Global Online Takeaway Group (GOTG), all priced at €25.50 each, at the top of the €22.00 to €25.50 range.
The shares, issued in Germany and Luxembourg, equated to 18.8% of Delivery Hero’s overall share capital, giving it a valuation of $5.3bn. Should the underwriters take up the offering to acquire additional shares, the size of the offering will increase to approximately $1.15bn.
Delivery Hero has built an online food ordering and delivery platform that serves customers in more than 40 countries across Europe, Latin America and the Middle East and North Africa, and Asia-Pacific regions.
The company had raised about $1.4bn in venture funding, with Rocket Internet having invested $568m in 2015 before transferring its stake to GOTG. E-commerce and media group Naspers provided another $423m in equity funding in May this year.
GOTG remains the company’s largest shareholder, despite its stake being cut from 34.2% to 27.4%. Naspers Ventures, which invests as Naspers’ corporate venturing arm, had its stake diluted slightly from 10.9% to 10.6%.
Other notable investors include Luxor Capital Partners, which owns a 7.7% share of Delivery Hero post-IPO, and venture capital and private equity firm Insight Venture Partners (7.6%).
Delivery Hero investors with stakes below 5% include Tengelmann Ventures, the corporate venturing subsidiary for retail group Tengelmann, Holtzbrinck Ventures, Vostok Nafta, Ru-Net, Kite Ventures, Team Europe, Kreos Capital, Phenomenon Ventures, General Atlantic and Point Nine Capital.
Citigroup, Goldman Sachs and Morgan Stanley are joint global coordinators for the offering, while UniCredit Bank, Berenberg, Jefferies and UBS Investment Bank are joint bookrunners.