Takeaway.com eyes 1 Bio EUR valuation in IPO at Amsterdam

Martijn Hoogeveen
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takeaway-thuisbezorgd-ipo

Takeaway.com, the Amsterdam based meal delivery service, plans its IPO on September 30, at Euronext Amsterdam. Yesterday, Takeaway communicated a bandwidth for its shares between 20.5 and 26.5 euro a share, which would give it a market capitalization of 904 million to 1.12 billion euro. Takeaway CEO Jitse Groen aims to raise 175 million euro to finance its expansion in Germany and Poland. The timing seems good as the stock markets recovered from the Brexit blues.

Consolidation

Takeaway has recently sold its UK activities to competitor Just Eat and got “in return” the Benelux activities, to reduce competition in the home market. Competition in Germany with Delivery Hero is continuing to be fierce. The fight for market dominance will require huge advertisement budgets, and will eventually lead to consolidation. In the near future, also Uber and Amazon are seen as major new entrants in the crowded space of meal delivery, collecting dishes from restaurants of choice and dropping them off at home or work locations.

The revenues of Takeaway were 77 million euro in 2015 and its losses 13.8 million eur. The revenue multiple (market capitalization/revenues) is thus between 11.7 and 14.5. Not an uncommon range for current IPOs.

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