Subscribe to Breaking News emails

You have successfully subscribed to the Breaking News email.

Subscribe today to be the first to to know about breaking news and special reports.

GrubHub IPO Values Food Delivery Company at $2.04 Billion

/ Source: Reuters
GrubHub, an online delivery company that connects more than 28,000 restaurants with diners in more than 600 U.S. cities, priced its IPO at $26 a share.
GrubHub, an online delivery company that connects more than 28,000 restaurants with diners in more than 600 U.S. cities, priced its IPO at $26 a share.Mary Altaffer / AP file

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

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

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
MORE FROM news