Takeaway.Com Seeks to Raise 441 Million Euros in Amsterdam IPOby and
Takeaway.com, a food-delivery service active across continental Europe, plans to raise up to 441 million euros ($492 million) in an Amsterdam initial public offering this month, giving it a market value of as much as 1.12 billion euros.
The shares will be offered for between 20.50 euros and 26.50 euros each, the 16-year-old company said Monday.
Takeaway is going public amid a crowded field of online food-delivery services. In the Netherlands, it’s increasingly competing against Deliveroo and Delivery Hero Holding GmbH’s Foodora. Across Europe, more established companies such as Amazon.com Inc. and Uber Technologies Inc. are getting into the game.
Business models vary -- Deliveroo takes orders from restaurants while Britain’s Just Eat Plc and Takeaway.com act as a portal to restaurants that deliver food themselves. Valuations do, too -- Deliveroo just raised funding that values the company at more than $1 billion, while Just Eat has a market value of 3.7 billion pounds.
Takeaway 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 had sales of 247.6 million pounds in fiscal 2015.
Takeaway expects conditional share trading to start Sept. 30. 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.