Online takeaway service Just Eat to IPO in London

Online takeaway service Just Eat plans to raise £100 million (€120 million) from listing its shares on the London Stock Exchange in April, joining a surge of companies seeking flotations.

The firm said SM Trust, Index Ventures, Vitruvian Partners, Redpoint Ventures and Greylock Partners are all expected to sell a proportion of their shareholding in the offer, while senior management, employees, ex-employees and early investors will also have the opportunity for a partial realisation.

Just Eat, founded in 2001, says it operates the world’s largest online marketplace for restaurant delivery, providing an easy and secure way to order takeaway food from local takeaway restaurants.

It operates in 13 markets including Ireland, Britain, Denmark, France, Canada and Spain.

In 2013 the firm generated revenue of £96.8 million and core earnings of £14.1 million, representing growth of 61.9 per cent and 518.0 per cent, respectively, compared to 2012.

Just Eat said IPO the proceeds will be used to support its growth, including potential expansion into additional territories and acquisitions of complementary businesses and technologies.

Earlier this month the firm purchased rival Meal2Go.

Reuters