VC-backed Takeaway.com floats with €993m market cap

Kenny Wastell and Alice Tchernookova
30 September 2016

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Prime Ventures- and Macquarie Capital-backed online food delivery service Takeaway.com has listed on Euronext Amsterdam with a market cap of €993m.

The offering consisted of a mixture of new and existing shares, with the existing shares having a gross value of €153m, while the newly issued shares are worth €175m.

The company's founder and CEO Jitse Groen, as well as Prime and Macquarie, are among the selling shareholders in the IPO.

The listing values Takeaway.com's shares at €23 apiece, giving the company an overall enterprise value of €849m.

At the time of announcing its intention to float, Takeaway.com said it intended to use €40m of the proceeds to fund organic growth and consolidate market positions in Germany and other key markets. Additionally, €22.5m will be used in relation to the recent acquisition of JustEat's Benelux arm and up to €20m will be used to repay a revolving credit facility.

Earlier this year, Takeaway.com had entered into a facility agreement of €47.5m, consisting of a €25m revolving credit facility and a €22.5m bridge loan, used for the acquisition of JustEat's Benelux arm.

In August, the group abandoned its UK operations to focus on its more active markets across Benelux and continental Europe. The positive cash impact generated from the closing of these operations is expected to amount to around €1m per year.

Merrill Lynch International and Morgan Stanley are acting as joint global coordinators and joint bookrunners for the IPO, while ABN Amro and UBS are joint bookrunners.

Previous funding
Prime led a €13m series-A round for Takeaway.com in 2012. Two years later, Macquarie led a €74m series-B round for the company, with Prime acting as co-investor. The series-B round funded the acquisition of German rival group Lieferando.

Company
Founded in 2000 and headquartered in Amsterdam, Takeaway.com is an online food delivery platform. The business generated a €77m turnover in its latest financial year and has a headcount of 500.

People
Macquarie Capital – Nicholas Moore (managing director, CEO).
Prime Ventures – Sake Bosch (founder, managing partner).
Takeaway.com – Jitse Groen (CEO).