Takeout ordering company GrubHub IPO valued at $1.72 billion
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GrubHub, the Chicago online takeout ordering company, on Monday set a price range for its initial public offering at $20 to $22 a share, according to its filing with the U.S. Securities and Exchange Commission.
That would value the company, which merged with competitor Seamless last August, at $1.72 billion.
GrubHub said it planned to sell more than 7 million shares during its IPO. The raised capital would be used for general operational purposes, the company said.
GrubHub, founded in 2004, offers customers the ability to place orders online or from their mobile devices using an app.
In 2013, the company reported revenue of $137.1 million, up 67% from 2012, according to its SEC filing. It counts more than 28,000 restaurants in the U.S. and London among eateries that allow diners to order online.
The company plans to list its ticker as GRUB on the New York Stock Exchange.
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