HelloFresh delays IPO

The company announced plans to list before the end of 2015 in August, but has now delayed the flotation until next year due to difficult market conditions.

HelloFresh's valuation soared this year from €600m in February to €2.6bn in September, the time between its last two funding rounds. In September's capital injection, the company raised €75m from Baillie Gifford, an investor that also backs Rocket Internet. The company raised €110m in February 2015, with Rocket Internet providing €100m and Insight Venture Partners the remaining €10m. Holtzbrinck Ventures invested in HelloFresh in July 2012, but sold its stake in August 2014 prior to the Rocket Internet IPO.

Following the capital injection two months ago, Rocket Internet held a 56.4% stake, Insight Venture Partners 19.5%, Phenomen Ventures 9.4% and Vorwerk Direct Selling Ventures 4.6%. Baillie Gifford is the most recent investor, securing a 2.9% stake in the company. The remaining shares are held by other investors and HelloFresh's management team.

HelloFresh is not the only company to have struggled with its IPO plans in recent days. Last week, Advent's Oberthur Technologies, a French smartcard technology business, also postponed its flotation. The company announced its intention to float in mid-October and shelved the planned IPO a few weeks later.

Just a few days earlier, music streaming service Deezer cancelled its IPO on the day the listing was expected to take place, in the face of low demand and tough market conditions.

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