Delivery Hero’s valuation topped $5 billion after the food delivery firm went public in a listing on the Frankfurt stock exchange.
Delivery Hero earned around €465 million ($530 million) from the IPO, which it plans to use to repay loans and invest in growth. That’s in contrast to US food delivery outfit Blue Apron, which endured a rocky start to life on the NSYE less than 24 hours earlier.
Despite a successful public debut, Delivery Hero is not profitable.
Today’s IPO is a major boon for Rocket Internet, which owns a 35 percent stake in Delivery Hero thanks to the FoodPanda deal. (Investment firm Naspers is another large owner with a 10 percent stake courtesy of a pre-IPO investment.)
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Original content by ecommerceIQ