Delivery Hero SE
Delivery Hero preparing for IPO in 2017
DGAP-News: Delivery Hero AG / Key word(s): IPO NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Berlin, 6 June 2017 – Delivery Hero AG (“the Company”) is preparing an initial public offering of newly issued ordinary registered shares from a capital increase and existing ordinary registered shares (“the Offering”), such shares to be listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. The Offering is expected to take place in the coming months, subject to market conditions. Niklas Ă–stberg, CEO of Delivery Hero, said: – Delivery Hero, founded in 2011 in Berlin, is the leading global online food ordering and delivery marketplace with number one market positions in terms of restaurants, active users and orders, in more countries than any of its competitors. – Delivery Hero focuses on markets where it sees particularly strong growth prospects. – In Europe, the Middle East, the Americas and the Asia-Pacific region, it operates online marketplaces for food ordering and delivery under a number of local brands, reaching a population of 2.7 billion. – In a number of urban areas around the world Delivery Hero also operates its own food delivery service, enabling its customers to order from restaurants that do not provide a food delivery service. – Today, Delivery Hero has over 6,000 employees in addition to thousands of employed delivery drivers across more than 40 countries. Strong value proposition for both customers and restaurants – Delivery Hero provides customers with an inspirational, personalized and simple way of ordering food through multiple channels from a tightly managed and local selection of restaurants listed on its online marketplaces. – Restaurants benefit from having access to Delivery Hero’s large customer base through a listing on its online marketplaces. Delivery Hero further provides restaurants with valuable operational support by equipping them with marketing and visibility tools, helping them to optimize their value chain, sharing data-driven insights and offering Delivery Hero’s established food ordering and delivery technology as well as its own food delivery service. – In 2016, end customers placed 197 million orders1, up by 52% compared to 2015 on a like-for-like basis2, 3 with a total gross merchandise value (GMV)5 of EUR 2,618 million, up by 51% on a like-for-like basis.2, 3 – Delivery Hero uses innovative and scalable technology aimed at transforming the food ordering and delivery experience by automating and personalizing the entire food ordering process and making it highly transparent for restaurants, customers and delivery drivers. Track record of growth and improving profitability, with significant opportunities ahead – Since its foundation, Delivery Hero has grown significantly through a combination of organic growth and acquisitions. – In 2016, Delivery Hero’s revenues6 increased by 71% to EUR 347 million on a like-for-like basis2, 3, supported by strong growth across all of Delivery Hero’s regions. – Revenues6 continued to grow in the first quarter of 2017, increasing by 68%7 to EUR 121 million on a like-for-like basis.2, 4 – Results have been continuously improving throughout 2016 and Q1 2017, despite continued and substantial investment in organic growth and acquisitions. – The aggregated adjusted EBITDA8 (sum of reported adjusted EBITDA for Delivery Hero and foodpanda) improved to EUR -116 million in 2016 (FY2015: EUR -175 million)2. In the same year, Delivery Hero reached break-even in terms of adjusted EBITDA8 in its MENA segment9. – Delivery Hero serves a large addressable food delivery market of EUR 72 billion, which represents only a fraction of the total EUR 593 billion foodservice market in the countries where Delivery Hero operates and of the EUR 7.5 trillion global food market. – Delivery Hero sees further growth opportunities in an increasing online penetration and a shift in customer behaviour due to changes in life-style, urbanization and convenience. Offer summary – The Offering, if pursued, will consist of newly issued ordinary registered shares from a capital increase and of existing ordinary registered shares from the holdings of certain existing shareholders. – The Company targets gross proceeds of about EUR 450 million from newly issued (primary) shares to ensure a strong positive net cash position following completion of the Offering, excluding restaurant cash, and after repayment of certain financial liabilities, payment of certain earn-outs related to the Offering and payment of the base purchase price for the acquisition of Carriage. – The ultimate free float will depend on the number of new shares issued by the Company and the number of existing shares sold to investors in connection with the Offering. – As of today, approximately 35% of the current share capital of Delivery Hero is indirectly held by Rocket Internet SE and approximately 10% is held by Naspers, in each case on an undiluted basis. – The Offering will also comprise a market standard greenshoe option. – The Offering will consist of initial public offerings in Germany and Luxembourg, as well as private placements in certain other jurisdictions outside Germany and Luxembourg. – Citigroup, Goldman Sachs International and Morgan Stanley will act as Joint Global Coordinators and Joint Bookrunners. UniCredit Bank AG, Berenberg, Jefferies and UBS Investment Bank have been mandated as additional Joint Bookrunners.
1 Order numbers capture the orders made by the end consumers in the presented period. About Delivery Hero Investor Enquiries
Disclaimer This press release is neither an advertisement nor a prospectus and should not be relied upon in making any investment decision to purchase, subscribe for or otherwise acquire any securities. The information and opinions contained in this press release are provided as at the date of this press release, are subject to change without notice and od not purport to contain all information that may be required to evaluate the Company. No reliance my or should be placed for any purpose whatsoever on the information contained in this press release, or any other information discussed verbally, or on its completeness, accuracy or fairness. This publication constitutes neither an offer to sell nor a solicitation to buy securities. The offer will be made solely by means of, and on the basis of, a securities prospectus which is to be published. An investment decision regarding the publicly offered securities of Delivery Hero AG should only be made on the basis of the securities prospectus. The securities prospectus will be published promptly upon approval by the German Federal Financial Supervisory Authority (Bundesanstalt fĂ¼r Finanzdienstleistungsaufsicht, BaFin) and will be available free of charge from Delivery Hero AG, Oranienburgerstrasse 70, 10117 Berlin, Germany, or on the Delivery Hero AG website. This press release is not an offer of securities for sale in the United States. The securities of the Company are not and will not be registered pursuant to the provisions of the US Securities Act of 1933, as amended (the “Securities Act”) or with the securities regulators of the individual states of the United States. The securities may not be offered, sold or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from the registration and reporting requirements of the United States securities laws and in compliance with all other applicable United States legal regulations. The Company does not intend to register its securities under the Securities Act or to conduct a public offering of securities in the United States. Sales in the United Kingdom are also subject to restrictions. The securities are only available in the United Kingdom to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities in the United Kingdom will be engaged in only with, such relevant persons to whom it may be lawfully communicated (“Relevant Persons”). Any person in the United Kingdom who is not a Relevant Person should not act or rely on this press release or any of its contents.
06.06.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |