Takeaway.Com Plans to List Shares in Euronext Amsterdam IPO

  • Company capitalizing on investor appetite for food delivery
  • IPO will be first in Amsterdam since U.K.’s Brexit vote

Takeaway.com plans to raise more than 175 million euros ($195 million) in an initial public offering on Euronext Amsterdam in coming weeks, capitalizing on growing investor appetite for food-delivery providers.

“We intend to bring Takeaway.com to the next level,” Chief Executive Officer Jitse Groen, said in an e-mailed statement Tuesday. On a conference call, he declined to say how much of the company would be sold. The business was said to be valued at more than 1 billion euros by people familiar with the matter in April.

Food-delivery businesses across the region are raising money and consolidating as competition heats up in a cost-heavy business. Deliveroo, a London-based rival, said last month it had raised $275 million to fuel growth. Just Eat last month sold its businesses in the Benelux for 22.5 million euros in cash to Takeaway.com. Just Eat shares rose 60 percent last year and have added another 14 percent in 2016.

Takeaway, started in 2000, had first-half sales of 50.5 million euros and a loss of 11.5 million euros. It’s not profitable outside of its largest market of the Netherlands. Just Eat, which has a market value of 3.8 billion pounds ($4.5 billion), had sales of 247.6 million pounds in fiscal 2015.

The IPO will be the first in Amsterdam since voters in the U.K. opted to leave the European Union in June, which caused transactions in the region to slow. Prior to that, the Dutch city had the busiest second quarter for IPOs in years, including that of Philips Lighting NV, gym owner Basic Fit and insurer ASR Nederland NV.

Merrill Lynch and Morgan Stanley are joint global coordinators and bookrunners for the IPO, while ABN Amro Group NV and UBS Group AG are also bookrunners.

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