GrubHub, which has changed its name from the awkward ‘GrubHub Seamless’ it used since the two food delivery companies merged last year, has publicly filed for its IPO with the SEC today. The company had confidentially filed last week, according to the WSJ, but now it’s official that GrubHub will seek to list as GRUB on the NYSE following evaluation of its application.
The company is seeking to raise $100 million in its initial public offering, and states in its official filing that it had $1.3 billion come through its platform from “combined gross food sales” on its platform in 2013. That’s across 28,800 U.S. restaurants in 600 cities, with 3.4 million “active diners” who place around 135,000 daily orders on the platform, on average.
The filing also states that GrubHub’s mobile business is growing rapidly, and increased from representing 20 percent of its overall orders in the last quarter of 2011, to over 43 percent of its orders during the quarter ending in December 2013. GrubHub says it monetizes customers at the same rate regardless of whether they’re on mobile or desktop, so that represents one of their competitive advantages compared to other businesses who have a hard time driving equivalent revenue from mobile.
GrubHub’s revenue for 2013 totalled $137.1 million, which is a 67 percent increase over its 2012 earnings, the company says. $26.3 million of that, and 1.9 million of the current 3.4 million active diner total came from the integration of GrubHub’s business into the existing numbers for Seamless following the mid-year merger of the two companies.