Food delivery startup raises $368M in IPO, valuing it at $1.1B

And it’s off to the races for another takeout food delivery business going public. Today, it was‘s turn, an Amsterdam-based company with operations across Europe, which listed on Euronext Amsterdam. priced its shares at €23 each ($25.82), giving the company an enterprise value of around €849 million ($952 million) and a market cap of around €993 million ($1.1 billion).

The amount is raising appears to be nearly twice what it predicted it would raise when it announced its intention to go public earlier this month. has offered 7,608,696 shares, for a value of €328 million ($368 million) in the offering, in a combination of both primary and secondary shares (€175 million primary, €153 million secondary) ahead of the company starting to trade. (It had originally projected €175 million.) Trading will commence at 9am local time (3am Eastern).

Update: Several hours into trading, the stock is up to €24.76 per share, going as high as €25.36 today.

That higher offering price says something about the current appetite in the market (sorry) for businesses in the “on-demand” e-commerce sector (which also includes the likes of Uber and Airbnb in the category), if the financials look healthy.

In the case of, the company said its sales in the first six months of 2016 were €50.5 million. Its net debt is currently €30.8 million based on €35.6 million current bank debt and €4.8 million cash and that it will use some of the money raised to pay that down. It made a loss of €11.5 million ($12.9 million) in the first six months of 2016.

 The company has around 7 million customers, it says.

“We are very pleased to announce the listing of on Euronext Amsterdam. The level of interest in our IPO underpins our strong belief that we have an attractive investment story with significant growth and value-creation opportunities,” said CEO Jitse Groen in a statement. “We welcome all our new shareholders and thank them for the trust they have placed in the Company and its employees. Their support will allow us to further build on our position as a leading online food delivery marketplace.”

Similar to European rivals like Just-Eat (which went public in 2014 in London and has since doubled its market value to more than $4.6 billion) and Delivery Hero (which is not public but has always put this route in its sights) and smaller, new entrants like Deliveroo, has a footprint that spans a number of countries across Europe and a bit of Asia. It’s smaller than some of its rivals in terms of that footprint, which spans 10 markets and has actually pulled out of some like the UK.

Unlike companies like Deliveroo or Uber Eats, does not manage its own fleets of delivery drivers. Rather, it works with businesses that already have delivery people of their own, and provides them with an online portal and ordering management system, where their food and services can be discovered, ordered and paid for.

As a startup, Takeaway raised just under $118 million since being founded way back in 2000, with investors including MacQuarie and Prime Ventures.

Modified throughout the day with updated stock price information.