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Photo credit: Delivery Hero.
The news:
- German food delivery business Delivery Hero says it is gearing up for an IPO on the Frankfurt Stock Exchange, looking to raise US$506 million.
- The initial public offering will be made up of both existing and newly issued shares.
- The company expects to go public “in the coming months.”
Why it matters:
- One of Delivery Hero’s shareholders is German startup factory Rocket Internet, which holds a 37.7 percent stake in the company. At the end of last year, Rocket sold food delivery startup Foodpanda to Delivery Hero.
- South African internet and media group Naspers holds a 10 percent stake in Delivery Hero, after investing US$435 million in the company last month. Naspers has been investing in Asia-based startups including Coins and Luno (formerly BitX).
- Delivery Hero is present in more than 40 markets around the world across Europe, South America, and Asia.
Source: Reuters.
Converted from Euro. US$1 = €0.89
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