Rocket Internet-backed HelloFresh prepares IPO

The company targets proceeds of €250-300m from a capital increase to fund continued investment in long-term growth.

Rocket Internet holds a 53% stake in HelloFresh, which has raised more than €320m over seven funding rounds, according to unquote" data.

HelloFresh is not yet profitable, reporting EBITDA of -€49.1m from €435m in sales for the first half of 2017. However, the company says the adjusted EBITDA margin has significantly improved by 25% points to -7.4% over the last seven quarters and expects to break even within the next 15 months.

The VC firm completed the IPO of another pre-profit food delivery company in June this year, listing Delivery Hero on the Frankfurt Stock Exchange at €25.50 per share, raising €996m and giving the company an overall enterprise value of €4.4bn.

HelloFresh initially announced its intention to float in November 2015, but postponed the plans due to difficult market conditions.

Founded in November 2011 and headquartered in Berlin, HelloFresh delivers weekly meal kits of recipes and fresh ingredients to its customers. It operates in Germany, Austria, the Netherlands, Belgium, the UK, the US and Australia.

Berenberg, BNP Paribas, Deutsche Bank, JP Morgan and Morgan Stanley have been appointed to act as joint global coordinators and joint bookrunners, while Rabobank has been mandated as co-lead manager.

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