AMSTERDAM: Takeaway.com looks likely to become the latest European internet company to achieve a billion dollar valuation after announcing the price range for its upcoming stock market floatation in Amsterdam.
The company, which operates a website for ordering meal deliveries, Monday said it expects its shares to be worth between 20.5 euros and EUR26.5 a share, which would give it a market capitalization of between EUR904 million ($1 billion) and EUR1.12 billion.
Takeaway.com, which was founded in 2000 by its Chief Executive Jitse Groen, operates in the same sector as GrubHub Inc. GRUB, +0.75% U.K.-based Just Eat PLC (JE.LN) and Germany’s Delivery Hero, providing a website for diners to have restaurant meals delivered to their homes. The market is growing fast as more consumers order online rather than phoning restaurants. Takeaway.com said it aims to raise EUR350 million in its initial public offering.
“We are pleased to announce the launch of our IPO Monday as this is an important next step forward for us in realizing our future growth potential and we have completed all preparations for becoming a listed company,” said Mr Groen.
“The level of interest we have seen in the investment community so far is very encouraging,” he added.
Takeaway.com, which operates in the Netherlands and other European countries, including Germany, France and Poland, reported revenue of EUR50.5 million for the six months ended June 30, up from EUR35.4 million a year earlier.
Takeaway.com’s operations overlap with Delivery Hero’s in Germany, Poland and other markets and with Just Eat’s in France and Switzerland. But while rivalry is intense in these markets, recent transactions such as Takeaway.com’s purchase of Just Eat’s Benelux operations have reduced competition in some countries.
Takeaway.com said it had 30,486 restaurants listed on its websites on June 30, which compares with 66,200 reported by Just Eat earlier this year and more than 300,000 at Delivery Hero, according to company websites.
