GrubHub Inc., the Internet platform that enables users to order pick-up and delivery from restaurants, filed for a $100 million initial public offering.
The figure is a placeholder used to calculate fees and may change. Citigroup Inc. and Morgan Stanley are managing the share sale, according to a regulatory filing today.
GrubHub, which acquired its largest rival Seamless in August, had about 28,000 restaurants in its network, and processed $1.3 billion in food sales through its platform last year, according to the filing. The Chicago-based company may use the proceeds from the IPO to buy additional businesses or assets, the filing shows.
GrubHub posted revenue of $137 million in 2013, a 67 percent increase from the prior year, according to the filing. The average number of revenue-generating orders each day amounted to 107,900 last year.
Spectrum Equity Investors LP holds a 12 percent stake, the filing shows. Warburg Pincus LLC, Goldman Sachs Group Inc. and Thomas H. Lee Partners LP each own about 9 percent. Both the company and private investors are indicated to sell shares in the offering.
GrubHub intends to apply to list its shares on the New York Stock Exchange under the symbol GRUB.
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