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Germany's Delivery Hero preparing flotation, valuation up to $4.5 billion

Staff Writer |
Online food takeaway firm Delivery Hero is preparing a flotation that could value one of Europe's largest internet startups at up to 4 billion euros ($4.5 billion).

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Delivery Hero said it would issue new shares worth about 450 million euros, while existing shareholders including Rocket Internet may sell up to the same amount, people close to the matter have said.

Founded in Berlin in 2011, Delivery Hero has grown rapidly and now employs over 6,000 people, providing a digital platform to order meals from more than 150,000 restaurants in 40 countries in Europe, the Middle East, Latin America and Asia.

Delivery Hero wants to have a strong net cash position so it can be prepared to grow both organically and through possible further acquisitions, Chief Executive Niklas Ostberg said.

"This is a big step for us and the whole European tech scene," Ostberg told a call for journalists.

The listing - expected in the coming weeks - would provide a much-needed boost to struggling German ecommerce investor Rocket Internet, which holds a 35 percent stake in Delivery Hero, making it the biggest holding in its portfolio.

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