Takeaway.com IPO: Is Europe about to get its next tech unicorn?
Dutch dot-com startup Takeaway.com could be on the verge of becoming Europe's latest tech unicorn.
The firm issued more details this morning about its long-awaited float on Amsterdam's Euronext exchange, with the company set to flirt with a €1bn price tag.
Takeaway.com, founded in 1999, said its shares will go public on 30 September – Euronext's first IPO since the EU referendum. They will be priced at between €20.50 and €26.50 a pop, giving the firm a market capitalisation of between €900m and €1.1bn.
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However, the "enterprise value", seen as a more accurate measure of the firm's value, is set to be slightly lower, at between €760m and €974m. In the US, Unicorns are companies with a valuation of over $1bn – around €900m – meaning Takeaway.com stands a good chance of joining the illustrious ranks of Spotify, Transfer Wise and Delivery Hero as a European unicorn.
The business is hoping to raise at least €350m according to documents issued this morning. It will use the cash to extend its presence into Germany, complete the purchase of rival JustEat's operations in the Netherlands and Belgium and give itself a €200m-plus war chest for future expansion opportunities.
Jitse Groen, chief executive of Takeaway.com said: "We are pleased to announce the launch of our IPO today as this is an important next step forward for us in realising our future growth potential and we have completed all preparations for becoming a listed company.
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"The level of interest we have seen in the investment community so far is very encouraging. We are excited to meet prospective investors and share with them our thoughts on how to further expand our market leadership position."
The float comes amid a flurry of post-referendum IPO activity in the London market. Hollywood Bowl is set to launch on the London Stock Exchange this week, while Go Compare, Pure Gym and Biffa all announced listing plans last week.