June 20, 2017 / 7:42 AM / 8 months ago

Delivery Hero to use IPO proceeds to keep ahead of Uber

BERLIN, June 20 (Reuters) - Online takeaway food delivery group Delivery Hero will use the proceeds from a stock market listing to help keep it ahead in a highly competitive market, its chief executive said on Tuesday.

Niklas Ostberg told journalists the entry of the likes of Uber into the delivery market was helping keep the firm on its toes, adding the capital it hoped to raise would be used to help it grow organically and through acquisitions.

Delivery Hero announced on Monday it aims to raise around 927 million euros ($1.03 billion) through a stock market listing that could value it at up to 4.4 billion euros.

Christoph Stanger, an investment banker from Goldman Sachs who is advising Delivery Hero, said the books are already covered for the initial public offering (IPO) but said he was keen to build a “high quality book”.

$1 = 0.8972 euros Reporting by Emma Thomasson; Editing by Maria Sheahan

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