Delivery Hero Prices $1.1 Billion IPO

July 5, 2017

Willkie represents Insight Venture Partners, one of the key investors in Delivery Hero AG, a Berlin-based global online food ordering and delivery marketplace, in connection with the transaction.

As reported widely in the international press, global online food ordering and delivery company Delivery Hero AG priced its highly awaited €996 million ($1.1 billion) initial public offering at the top end of its range. The Berlin-based company set a final offer price of €25.50 per share. Willkie represented Insight Venture Partners, one of Delivery Hero’s key investors, in the transaction.

A total of 18,950,000 newly issued ordinary registered shares, 15,000,000 existing ordinary registered shares from the holdings of certain existing shareholders, and 5,092,500 ordinary registered shares from the holdings of Global Online Takeaway Group S.A. in connection with an over-allotment were allocated as part of the offering.

Citigroup, Goldman Sachs International and Morgan Stanley are acting as Joint Global Coordinators and Joint Bookrunners. UniCredit Bank AG, Berenberg, Jefferies and UBS Investment Bank have been mandated as additional Joint Bookrunners.

The startup company, which connects customers and restaurants via its apps, began trading on June 30 in Frankfurt. The price gives Delivery Hero a market value of about €4.4 billion, based on the number of shares to be outstanding after the offering.

With over 6,000 employees in addition to thousands of employed delivery drivers, Delivery Hero has the leading market position with respect to restaurants, active users and orders in more countries than any of its competitors. The company has online and mobile platforms across 40+ countries in Europe, the Middle East & North Africa, Latin America and the Asia-Pacific region. Delivery Hero also operates its own delivery service primarily in 50+ high-density urban areas around the world.

The Willkie deal team was led by partners Gordon Caplan and Dr. Stefan Jörgens, and included associates Johannes Eckhardt and Miriam Wolffsky.