Proof of the pudding

6 June 2017 By Olaf Storbeck

The Berlin-based food delivery startup is prepping a listing valuing it at around 4.5 bln euros. The loss-making group needs to double sales by 2019 to achieve the same valuation as rivals like Just Eat. Its fat war chest should help. But investors are in for a low-profit diet.

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Delivery Hero plans to raise around 450 million euros by issuing new shares on the Frankfurt Stock Exchange, the internet-based food delivery company announced on June 6.

Delivery Hero aims to publish its IPO prospectus over the next couple of weeks. On top of the capital raise, existing shareholders also want to divest an undisclosed stake. Rocket Internet controls around 35 percent of Delivery Hero’s share capital. Another 10 percent is held by South Africa’s Naspers, which invested 387 million euros in the company in May.

The Berlin-based company, which was founded in 2011, provides a digital platform for the delivery of meals from more than 150,000 restaurants. Some 90 percent of meals are delivered by the restaurants' own drivers, with the rest distributed by Delivery Hero's network.

Citigroup, Goldman Sachs International and Morgan Stanley will act as joint global coordinators and joint bookrunners, Delivery Hero said. UniCredit Bank AG, Berenberg, Jefferies and UBS Investment Bank have been mandated as additional joint bookrunners.

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