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UPDATE: GrubHub's IPO drives investor appetite

April 4
5:06 PM 2014

GrubHub Inc. started trading on Friday which led investors to move quickly and partake from the offered shares of the company. The company’s shares have surged by 57 percent following its debut. Investors wanted to take part of the US online food delivery service, reported Reuters.

From the previously announced IPO price valued USD26, the shares of GrubHub is now offered at USD40.80 on the New York bourse. This gave the company a hefty value of USD3.2 billion, said a report from Reuters.

GrubHub Inc. was established in 2004 by Matthew Maloney and Michael Evans after getting tired of ordering pizza every night. The duo thought of having a variety of food posted online for orders and delivery. Currently, the network has already included 30,000 restaurants. People can now order food online from restaurants in 600 US cities and London.

Customers had been hooked up to the new way of ordering food in GrubHub’s site or its mobile app. Last year, GrubHub has combined with rival Seamless.

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