GrubHub Upsizes Offering Amid Wall Street IPO Feast
NEW YORK (TheStreet) - Restaurant pick-up and delivery platform GrubHub on Thursday priced its initial public offering at $26 a share, above the $23-to-$25 a share range the company set forth earlier in its IPO process. The IPO will raise $192 million for GrubHub and value the company at about $2.1 billion.
Inclusive of a recent merger with Seamless, GrubHub earned $137 million in revenue last year and a net profit of over $5 million. Daily active 'Grubs' were 135,500 and there were 3.42 million active diners as of year-end 2013. Diners spent nearly $1.3 billion on GrubHub in 2013.
Currently, GrubHub serves over 600 cities worldwide and nearly 30,000 restaurants, the company said in its IPO prospectus.
Citigroup and Morgan Stanley are leading GrubHub's offering, while Allen & Co., BMO, Canaccord Genuity, Raymond James and William Blair are also underwriters. GrubHub will trade on the New York Stock Exchange under the ticker 'GRUB.'
-- Written by Antoine Gara in New York