Just Eat Plans To Raise €119.6m In London IPO
Published on Mar 18 2014 4:49 PM in Restaurant
Online takeaway food service Just Eat has confirmed its intention to float on the London stock exchange.
London-based Just Eat, which operates just-eat.ie was founded in Denmark in 2001, said yesterday it would use proceeds from the share sale to fund expansion.
Media reports suggest that Just Eat will aim for a valuation of between £700 million - £900 million, although so far chief executive David Buttress has remained tight lipped on the company's ambitions.
In 2013 the firm generated revenue of £96.8 million and core earnings of £14.1 million, representing growth of 61.9% and 518%, respectively, compared to 2012.
The company plans to open up the platform to restaurants that do not offer a delivery service, so that customers can place and collect orders, Mr Buttress said.
“We believe collection will become a growing part of our business,” he said, adding that Just Eat would add higher quality restaurants to the small takeaway groups that dominate its service. “We want to give consumers the full choice of restaurants.”
Buttress also said the company was looking to expand through “potential acquisitions”.