E-commerce holding group Rocket Internet has sold about 5.7 million shares in Delivery Hero, the Germany-based food ordering platform that went public in July 2017, for approximately €197m ($242m) in total.
The sale valued the shares at roughly €34.50 each, a substantial jump from the IPO price of €25.50.
Delivery Hero operates an online service where users can order food to be delivered from a network of local restaurants and eateries. It increased the number of orders on its platform by 48% to almost 292 million in 2017 and its revenue by 60% year on year.
The company floated in an initial public offering sized at more than $1.1bn in which Global Online Takeaway Group (GOTG), which holds Rocket Internet’s stake, sold approximately $147m of shares.
Rocket Internet invested $568m in Delivery Hero in 2015 before transferring its stake to GOTG. The 2015 investment gave Rocket Internet a 34.2% share of the company, and the latest transaction cut its stake from 24.3% to 21.2%.
GOTG had already agreed in September to sell 22.7 million shares to another shareholder, e-commerce and media group Naspers, for $775m, and will retain a 9% stake once that deal has been completed. Naspers invested $423m in Delivery Hero in May 2017, shortly before the IPO.
Delivery Hero’s other pre-IPO investors are Tengelmann Ventures, a subsidiary of retailer Tengelmann, Luxor Capital Partners, Insight Venture Partners, Holtzbrinck Ventures, Vostok Nafta, Ru-Net, Kite Ventures, Team Europe, Kreos Capital, Phenomenon Ventures, General Atlantic and Point Nine Capital.