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GrubHub IPO Values Food Delivery Company at $2.04 Billion

GrubHub Inc.'s initial public offering was priced slightly above its expected price range at $26 per share, valuing the biggest U.S. online food delivery services company at about $2.04 billion.

The IPO, which was expected to be priced between $23-$25 per share, raised about $192.5 million.

Of the 7.40 million shares offered, GrubHub sold 4 million, with the rest by selling shareholders.

GrubHub's shares will start trading Friday on the New York Stock Exchange under the symbol "GRUB."

The Chicago-based company handles pick-up and delivery orders for restaurants online and via the phone. It is seeking capital to extend its network to more cities across the United States to sustain growth.

GrubHub had about 28,800 restaurants and 3.4 million active users in its network as of Dec. 31, and processed an average of 135,000 orders daily in 2013.

-Reuters