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UPDATE 1-Online takeaway service Just Eat plans London listing
March 17, 2014 / 10:06 AM / 4 years ago

UPDATE 1-Online takeaway service Just Eat plans London listing

LONDON, March 17 (Reuters) - Online takeaway service Just Eat plans to raise 100 million pounds ($166.3 million) from listing its shares on the London Stock Exchange in April, joining a surge of companies seeking initial public offerings (IPOs).

London-based Just Eat, which was founded in Denmark in 2001, said on Monday it would use proceeds from the share sale to fund expansion, as it seeks a bigger slice of a global takeaway industry worth an estimated 58 billion pounds in 2013.

Chief Executive David Buttress declined to say what valuation Just Eat was aiming for. Media reports have put the figure at 700-900 million pounds.

European IPO activity has more than tripled year-on-year to $12 billion so far in 2014, as investors rush to cash in on the region’s nascent recovery.

Just Eat’s flotation will also allow venture capital owners SM Trust, Index Ventures, Vitruvian Partners, Redpoint Ventures and Greylock Partners to sell some of their shares, while senior management, employees, ex-employees and early investors will also have the opportunity for a partial exit.

Just Eat says it operates the world’s largest online marketplace for restaurant delivery, providing an easy way to order food from local takeaway restaurants.

Last year the firm processed more than 40 million orders for 36,000 takeaway outlets in 13 markets, the largest of which were Britain, Denmark, France, Canada, Ireland and Spain.

It generated revenue of 96.8 million pounds and core earnings of 14.1 million pounds, representing growth of 62 percent and 518 percent, respectively, compared with 2012.

Recent IPOs of online companies in London have been well- received by investors.

AO World, the online domestic appliances retailer, and, the internet fashion retailer, both saw their shares surge above their offer prices on their market debuts.

Earlier this month Just Eat purchased rival Meal2Go.

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