Just Eat, the online takeaway food service, is expected to be valued at more than £1bn today as it unveils the price of its Initial Public Offering (IPO).

A £1bn IPO would value the company at 70 times the group’s underlying earnings of £14.1m. The company’s valuation had previously been reported as being between £700m to £900m.

However, David Buttress, the group’s chief executive, told The Telegraph that greater attention needs to be paid to the growth potential of the company where revenues have grown by 70% year-on-year.

The float will raise £100m, which will be used to make acquisitions. Earlier this year, the company bought Birmingham-based Meal2Go primarily to acquire a central ordering system for managing orders.