GrubHub sets share prices at between $20-$22 for IPO
GrubHub is preparing to go public and now more details of the IPO has emerged. GrubHub filed to go public in February and is planning to raise $148 million through the sale of 7 million shares that are priced at between $20 and $22. This is up from the $100 million that was proposed in the S-1 filing. Four million of the shares will be available for the public.
GrubHub would command a fully diluted market value of $1.72 billion if these shares are priced at midpoint of the proposed range. The IPO is expected to happen in late 2014 or early 2015 on the New York Stock Exchange with the symbol “GRUB.”
GrubHub was founded in 1992. The company creates contracts with restaurants and is primarily located in large metro areas to set up food orders for pickup and delivery. GrubHub offers services for almost 29,000 restaurants and processes around 135,000 daily orders as of December 31st.
GrubHub generated over $137 million in 2013 revenues, which is up 67% from the previous year. The company saw net income drop to $6.8 million from $7.9 million in 2012. GrubHub merged with former competitor Seamless in August.