Hungry house

30 June 2017 By Olaf Storbeck

Floating its food delivery offspring for 1 bln euros is a much needed success for the German tech investor. It sold the maximum number of shares at the top end of the price range. The only snag is that there’s not a great amount left on the table for outside investors.

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Shares in online takeaway delivery group Delivery Hero started trading at 26.90 euros in their Frankfurt stock market debut on June 30, 5.5 percent above their offer price of 25.50 euros.

The company, backed by German technology investor Rocket Internet, had priced its initial public offering at the top end of the price range, to raise 1 billion euros. By 1001 BST the shares were at 26.77 euros.

Delivery Hero said it would use the 480 million euros of new money being raised to pay off debt and for organic growth and acquisitions as it seeks to stave off rising competition.

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