Brief: Rocket-backed Delivery Hero gets ready for $506m IPO

Photo credit: Delivery Hero.

The news:

• German food delivery business Delivery Hero says it is gearing up for an IPO on the Frankfurt Stock Exchange, looking to raise US$506 million.
• The initial public offering will be made up of both existing and newly issued shares.
• The company expects to go public “in the coming months.”

Why it matters:

• One of Delivery Hero’s shareholders is German startup factory Rocket Internet, which holds a 37.7 percent stake in the company. At the end of last year, Rocket sold food delivery startup Foodpanda to Delivery Hero.
• South African internet and media group Naspers holds a 10 percent stake in Delivery Hero, after investing US$435 million in the company last month. Naspers has been investing in Asia-based startups including Coins and Luno (formerly BitX).
• Delivery Hero is present in more than 40 markets around the world across Europe, South America, and Asia.

Source: Reuters.

Converted from Euro. US$1 = €0.89