360° Coverage : GrubHub Pops 50% As Wall Street Gobbles Up IPO

2 Updates
GrubHub Pops 50% As Wall Street Gobbles Up IPO
Photo Credit: Forbes Business

GrubHub Pops 50% As Wall Street Gobbles Up IPO

Apr 4 2014, 10:47am CDT | by

Investors got hungry when $GRUB debuted on the New York Stock Exchange on Friday morning. Shares of online food ordering service GrubHub, which also operates Seamless, soared 50% in early trading...

Filed under: news

 
 
 

25 weeks ago

GrubHub Pops 50% As Wall Street Gobbles Up IPO

Apr 4 2014, 10:47am CDT | by

Investors got hungry when $GRUB debuted on the New York Stock Exchange on Friday morning.

Shares of online food ordering service GrubHub, which also operates Seamless, soared 50% in early trading after its initial public offering. The company priced shares above the expected range at $26, but they reached $39 a share at 10:42am ET — pushing the market capitalization over $3 billion.

GrubHub raised just over $192 million in the offering, selling 7.4 million shares. The company takes a cut, often over 15%, of every takeout or delivery order placed through its service. GrubHub says it generated $1.3 billion in gross food sales in 2013, serving approximately 3.4 million unique diners.

The IPO climate, especially for tech stocks, appears to be fantastic right now. According to a report by Renaissance Capital, the US IPO market showed more activity in the first quarter of 2014 than it had since 2000, as 64 companies raised a total of $10.6 billion. That’s more than double the total number of IPOs in the first quarter of 2013, and the average first day return was over 20%.

Once GrubHub Seamless, the combined company is the result of a 2013 merger last year. While it fiddled with its revenue growth math a little bit in its prospectus, GrubHub is growing rapidly in mobile usage, reporting that 43% of all orders were placed via mobile platforms.

3 million of the offered shares were sold by insider private equity and venture capital backers Warburg Pincus, Thomas H. Lee Partners, Benchmark Capital, and Goldman Sachs. GrubHub co-founder and CEO Matt Maloney sold just less than 500,000 shares, or about one-fifth of his stake.

Potential competitor Yelp was down 3.5% in trading on Friday morning.

Follow Brian on Facebook and Twitter.

The IPO Class Of 2014

 
Update
2

4 weeks ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (NewCo) and slashing the workforce of 20,000 by 30 per ce ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

4 weeks ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the double tragedies ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

NASA spots mysterious feature on Titan's sea
Washington, Sep 30 (IANS) NASA's Cassini spacecraft is closely monitoring the evolution of a mysterious feature in a large hydrocarbon sea on Saturn's moon Titan.
 
 
Eco-friendly alternative to lithium batteries
London, Sep 30 (IANS) Using materials from alfalfa (lucerne seed) and pine resin along with a clever recycling strategy, researchers have come up with a novel alternative to transform present-day lithium batteries.
 
 
The 10 minute fitness workout that delivers
London, Sep 30 (IANS) Finding time to work out during hectic professional life is difficult but what if ten minutes of your time can help in gaining a positive effect on your fitness and health. Following some easy to do cardio exercises can do wonders in your life, says an expert.
 
 
Fearful of fat for the wrong reasons? Think again
London, Sep 30 (IANS) There is this common perception that eating fat is bad for health and waistline, but very few know that healthy fats are essential for good health.
 
 
 

Latest from the Network

Lesotho mediation efforts to continue
Cape Town, Sep 30 (IANS) South African Deputy President Cyril Ramaphosa will undertake a third visit to Lesotho Tuesday to mediate the political crisis in the country, it was announced Monday. During the visit,...
Read more on Politics Balla
 
Algeria's tourism takes a hit after guide's beheading
Algiers, Sep 30 (IANS) Last week's beheading of a French mountain guide in Algeria has hit the tourism sector of the north African country, over a thousand tourists cancelling their bookings. Kidnapped Sep 21 in Tizi...
Read more on Politics Balla
 
New frontier for heart failure treatment
Toronto, Sep 30 (IANS) Opening new avenues for the treatment of heart failure, a research has found how the function of a key cardiac protein changes in the case of heart failure. Since 1976, researchers have known...
Read more on Business Balla
 
Alcohol can disrupt sleep even after quitting
New York, Sep 30 (IANS) Chronic alcohol exposure can lead to disruptions in the sleep cycle, not just when one actively drinks but even years after one stops drinking. Individuals with alcohol use disorder frequently...
Read more on Business Balla
 
NASA app teaches kids about rocket launches
New York, Sep 30 (IANS) The US space agency NASA has launched a new app to make children aware of how rockets are launched. The free app called "LSP Activity Book" lets kids learn about the mission planning process...
Read more on Politics Balla
 
Hong Kong chief executive urges protest stoppage
Hong Kong, Sep 30 (IANS) Hong Kong Chief Executive C.Y. Leung Tuesday urged the people to end the on-going protest over the issue of Hong Kong's constitutional development. Protests have been taking place in various...
Read more on Politics Balla
 
Elizabeth Banks joins 'Magic Mike XXL'
Elizabeth Banks has joined the cast of 'Magic Mike XXL'. 'The Hunger Games' star' has signed up to appear alongside newly announced cast mates Jada Pinkett Smith and Andie MacDowell in the stripper comedy sequel, though...
Read more on Movie Balla
 
Angelina Jolie buys £2million watch for Brad Pitt
Angelina Jolie has given Brad Pitt a rare £2 million watch as a wedding present. The 'Maleficent' actress has splashed out on the expensive gift - a 1952 Patek Philippe platinum chronometer - which has been inscribed...
Read more on Celebrity Balla
 
Phil Collins reveals extent of drink troubles
Phil Collins used to drink wine at 11am and struggled to get out of bed in the morning. The 63-year-old musician - who has a personal fortune estimated to be worth £120 million and has won seven Grammy awards - insists...
Read more on Celebrity Balla
 
George Clooney feels 'pretty great' after wedding
George Clooney feels ''pretty damn great'' after marrying Amal Alamuddin. The 53-year-old star gushed he is ''looking forward to everything'' in his life after tying the knot to the 36-year-old lawyer in Venice, Italy...
Read more on Celebrity Balla