Just Eat’s market capitalization set at over $2.4 billion
Just Eat is an online restaurant delivery company that has priced its initial public offering at 260 pence per share, which gives the company a market cap of £1.47 billion ($2.44 billion). Just Eat operates websites and mobile apps that lets users order food from local takeout restaurants. The IPO is expected to raise as much as £387.1 million if an over-allotment option is used in full. Just Eat said it would receive £100 million from the fundraising.
The selling shareholders includes investors like Index Ventures and Greylock Partners. The pricing range was at the top end of the company’s 210 to 260 pence per share price range. Just Eat is the first company to list as part of the London Stock Exchange’s high growth segment. Just Eat launched in 2001 and has grown at a rapid pace since then.
The company operates in 13 markets , including the U.K. and Denmark. These two countries represents over 80% of its revenues of £96.8 million in 2013. Just Eat handles over 900 orders per minute for over 36,000 restaurants. Just Eat handled over 40 million orders in 2013, which is up from 23 million in 2012. Just Eat receives a sign up fee from each restaurant and takes a cut of every order.