10 Updates
GrubHub Pops 50% As Wall Street Gobbles Up IPO
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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...

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16 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.

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The IPO Class Of 2014

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was tol ...
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Update
9

7 weeks ago

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KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken ...
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Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the D ...
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Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammuddin H ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Ser ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Schem ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damans ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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