Delivery Hero announces intention to float

The company will target gross proceeds of around €450m from the sale of newly issued shares after the repayment of certain liabilities and costs related to the recent purchase of Carriage. 

The offering will consist of newly issued shares from a capital increase and existing registered shares. It will also comprise a market standard greenshoe option.

Rocket Internet is the largest shareholder with approximately 35% of the current share capital. Early-stage VC investors sold a €209m stake in the company to Rocket Internet in February 2015, with vendors including Insight Venture Partners, Kite Ventures, Phenomen Ventures, Point Nine Capital and Vostock New Ventures.

More than $1bn has been invested in Delivery Hero to date, including just under €500m from VC firms, according to unquote" data.

Delivery Hero has grown through a combination of organic growth and acquisitions. In 2016, its revenues increased by 71% to €347m and continued to grow in the first quarter of 2017 by 64% on a like-for-like basis.

The company is not yet profitable, recording an aggregate adjusted EBITDA of -€116m in 2016. Although this was improved from -€175m in 2015. It is active in more than 40 markets and employs more than 6,000 people.

Citigroup, Goldman Sachs and Morgan Stanley will act as joint global coordinaters and joint bookrunners, while Unicredit, Berenberg, Jeffries and UBS have been mandated as additional joint bookrunners.

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