Rocket Internet sells down Delivery Hero stake

The stake is equivalent to 3.1% of Delivery Hero's total outstanding shares and has reduced Rocket Internet's holding from 24.3% to 21.2%.

In September, Rocket Internet agreed the sale of 22.3 million shares to South African media company Naspers for €660m. Following the closing of this sale, Rocket Internet's stake will be further reduced to around 9%.

The most recent stake sale valued Delivery Hero shares at approximately €34.53, up from €29.50 per share at the time of Naspers stake purchase and €25.50 at the time of the IPO. The company was trading at €38.76 by mid-morning on 13 March.

Delivery Hero was listed in June 2017, at which point Rocket Internet was the largest shareholder with approximately 35% of the share capital. The IPO valued the company at around €4.4bn based on a share price of €25.50, and Delivery Hero raised €465m from the placement.

Previous funding
Prior to the listing, more than $1bn was invested in Delivery Hero, including €500m from VC firms, according to Unquote Data.
Early-stage investors including Phenomen Ventures sold a €209m stake to Rocket Internet in 2015, making the VC the largest shareholder.

Company
Founded in 2010, Delivery Hero is a global food delivery and takeaway service with headquarters in Berlin, Germany. In 2016, its revenues increased by 71% to €347m and continued to grow in the first three quarters of 2017 by 64% on a like-for-like basis.

The company is not yet profitable, projecting an adjusted EBITDA margin of -17% for the first nine months of 2017, but projects it will break even by 2018. The company's preliminary full-year results show revenues of €540m with an adjusted EBITDA margin of -17%. It is active in 40 markets and employs more than 6,000 people.

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