Food Delivery Company GrubHub Is Valued At $2 Billion And It Will Start Trading This Morning
The company raised $192.5 million, at a $2 billion valuation, according to Reuters. It starts trading this morning.
In its S-1, GrubHub said it did $137.1 million in sales in 2013, a 67% increase from 2012. Net income was $6.7 million, but that was down from $7.9 million in 2012.
GrubHub is the parent company of Seamless. It also owns Menu Pages and All Menus.
In its S1, GrubHub described what it does by saying, "We provide restaurants with more orders, help them serve diners better and enable them to improve the efficiency of their takeout business. For diners, we make takeout accessible, simple and enjoyable, enabling them to discover new restaurants and accurately and easily place their orders anytime and from anywhere."
If that's too boring an explanation, here's how we would put it: It makes ordering food through the Internet easy. Most restaurants aren't tech savvy, so GrubHub steps in and makes it easy to look at menus and order food.
GrubHub is the latest Internet-oriented IPO. After years of a weak IPO market, a lot of companies are going public.
We'll keep an eye on the stock today and update this post.