Online food takeaway company Delivery Hero priced its initial public offering (IPO) on Monday which could raise it as much as 995.6 million euros ($1.1 billion).
The German firm set the price range at 22 euros to 25.50 euros per share and is expected to begin trading on the Frankfurt Stock Exchange on June 30.
Delivery Hero’s offering will consist of 18,950,000 new ordinary registered shares and of 15,000,000 existing ordinary registered shares from the holdings of certain current shareholders. Investors may also have access to another 5,092,500 “over-allotment” shares.
At the mid-point of the price range, gross proceeds from the offering of newly issued shares would amount to approximately 450 million euros. But assuming full placement of all offered shares at the upper end of the price range, including the over-allotment shares, the total size of the IPO would amount to around 995.6 million euros.
Delivery Hero will use the funds to repay loans and to finance the growth and development of its business, it said.