Rocket Internet-backed Hellofresh sets price range for IPO

Hellofresh will raise €243-357m in expansion capital to fund continued growth and further acquisitions.

The company announced its intention to float on 10 October 2017; it had initially explored an IPO in November 2015, but postponed the plans due to difficult market conditions.

The primary offering will consist of 27 million shares with an additional 4.05 million available for over-allotment. The company predicts a 19% free float post-IPO, based on 132.4 million shares outstanding and assuming full exercise of the greenshoe.

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 final price will be determined by a bookbuilding process which will begin tomorrow and the first day of trading on the Frankfurt Stock Exchange is expected to be 1 November.

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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