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Investors gobble up Just Eat on debut

Online takeaway delivery group Just Eat’s share price rose to 280p in early deals on its first day of conditional trading after setting an offer price of 260p

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Online takeaway delivery group Just Eat’s (LON:JE.) share price rose to 280p in early deals on its first day of conditional trading after setting an offer price of 260p.

The group, which lets customers order takeaway deliveries online from restaurants signed up to the service, set a price valuing the company at £1.47bn. 

The offer is expected to raise a total of £360mln, of which £100mln will go to the company, assuming no exercise of the over-allotment option. If this is exercised, gross proceeds of £387mln will be raised.

The rest of the amount raised will go to the selling shareholders, including private equity backers SM Trust, Index Ventures, Vitruvian Partners, Redpoint Ventures, Greylock Partners, as well as some of the management and early investors.

The offer represents 26.4% or 24.6% of the company’s shares depending on whether the over-allotment option is exercised or not.

Unconditional deals will begin on Tuesday 8 April.

Goldman Sachs has been granted an over-allotment option by the major selling shareholders over up to 10.39mln shares, representing 7.5% of the offer, following its role in the listing.

Chief executive David Buttress said: “I believe that Just Eat is one of the most exciting global growth companies in Europe and we are all delighted at the strong levels of investor interest we have seen in our initial public offering. 

“I believe that investors have recognised our track record of strong growth and that we have a strong platform for future growth. 

“We look forward to life as a listed company as we join the market through the LSE's High Growth Segment and continue expanding our leading online platform for takeaway food.”


Quick facts: Just Eat Takeaway.com

Price: 7856 GBX

LSE:JET
Market: LSE
Market Cap: £11.68 billion
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