
IPO values Just-Eat at £1.4bn
Online food delivery service Just-Eat, which is backed by a number of venture capital firms, has priced its IPO at £2.6 per share, giving it a market cap of £1.46bn.
The company will sell 138.5 million shares at £2.6 apiece, expecting to raise £360.1m in its IPO excluding full exercise of an overallotment option.
An overallotment option comprising a further 10.4 million shares has been granted by the major selling shareholders, meaning a total of £387.1m could be raised should the option be exercised in full.
Index Ventures, Vitruvian Partners, Greylock Partners and Redpoint Ventures are among the major selling shareholders in the offering.
Just-Eat will receive proceeds of £100m from the offering, with the remainder going to its selling shareholders, which also include SM Trust, senior management, both current and ex-employees and early investors.
Conditional dealings began at 8am today on the London Stock Exchange under the ticker "JE". Admission to the new High Growth Segment of the LSE's main market is expected to take place on 8 April.
Goldman Sachs and JP Morgan Cazenove have been appointed as joint global coordinators and joint bookrunners for the offering, while JP Morgan is also acting as key adviser to Just-Eat. Oakley Capital has been appointed as co-lead manager.
Previous funding
Just-Eat's most recent funding round took place last April. The company raised a total of $64m from lead firm and new investor Vitruvian, alongside existing shareholders Greylock, Index and Redpoint. Vitruvian invested via its maiden vehicle Vitruvian Investment Partnership, which closed on €925m in 2008.
Prior to this, Greylock and Redpoint co-led a $48m series-B round in March 2011 with existing investor Index. This marked the two firms' first investment in the online takeaway giant.
Index first invested in Just-Eat via its €350m Index Ventures V fund in July 2009. The firm led the £10.5m series-A round which also saw Venrex back the company.
Company
Just-Eat was established in Denmark in 2001, but is now legally headquartered in London. The company operates in 14 countries worldwide, including Belgium, Denmark, Switzerland, Norway, Spain, France, Ireland, Italy, the Netherlands and the UK.
The business currently boasts a list of more than 29,000 food delivery restaurants worldwide for customers to choose from, depending on location. This is almost five times its list of 6,000 partners from just four years ago.
Turnover for 2013 sat at £96.8m, while underlying EBITDA reached £14.1m. The company employs more than 1,000 staff.
People
David Buttress is the CEO of Just-Eat.
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