Just Eat, the on-line takeaway platform, has announced its intention to float on the London Stock Exchange for a primary offering of £100m.
The group, which says it has market leading position in 13 countries, said the aim of the IPO is to strengthen in its current markets and expand to new, less mature markets. It’s believed that the flotation will value the company at c£900m.
Just Eat said that its performance in 2013, when it increased underlying EBITDA by 518% to £14.1m on revenue up 61.9% to £96.8m, “highlights the potential of Just Eat’s scalable business model in markets where it has clearly established leading positions and sufficient scale”.
The company, which was founded in 2001, has announced the appointment of two non-executive directors under the continued chairmanship of John Hughes. They are Andrew Griffith, former chief financial officer at BSkyB, and Gwyn Burr, whose roles have included customer services director and financial services director at Asda.
Hughes said: “Just Eat has gone from strength to strength in recent years - as reflected in its growing scale and internationalisation - under the leadership of [chief executive] David Buttress and his team.
“David was instrumental in founding the UK business and has an impressive team who are delivering strong results through their talent and dedication. I am confident that Just Eat, as a public company, will capitalise on its achievements to date and is well positioned for the next phase of its development.”
Buttress said: “I’m very pleased to be bringing Just Eat to market following several years of strong growth and expansion. Just Eat brings together tens of thousands of local takeaway restaurants globally and processes millions of online orders monthly, which I believe makes us one of the most exciting global growth companies in Europe. Our purpose is to empower consumers to love their takeaway experience.
“We have consistently delivered impressive results and built leading positions in several markets through a combination of a strong brand, a customer-centric culture and a passionate team. We see further opportunities ahead as we encourage more people to experience the benefits of online takeaway ordering. Our team is focused with a clear strategy and I believe we have a strong platform for continued rapid growth. The listing of Just Eat on the London Stock Exchange marks the beginning of the next stage of our growth and development.”