Delivery Hero Completes $1.14 Billion Initial Public OfferingJuly 4, 2017
S&C client Delivery Hero AG, headquartered in Berlin, Germany, completed its initial public offering with a total offering size of approximately €996 million (approximately $1.14 billion), making it the largest initial public offering in Germany so far this year (initial market capitalization of Delivery Hero of approximately €4.4 billion).
Delivery Hero was founded in 2011 by now-CEO Niklas Östberg and is a leading global online food ordering and delivery marketplace with a presence in more than 40 countries. Delivery Hero grew rapidly through a combination of organic growth and acquisitions and currently has approximately 12,000 employees engaged across its network of local brands.
The transaction consisted of public offerings in Germany and Luxembourg and private placements to institutional investors in other jurisdictions, including the United States in reliance on Rule 144A. The offering included the placement of newly issued shares and shares from the holdings of existing shareholders of Delivery Hero. As part of the offering, all of Delivery Hero's shares were admitted to trading on the regulated market of the Frankfurt Stock Exchange (Prime Standard).
The S&C team, which provided German and U.S. legal advice to the issuer, was led by Carsten Berrar and Krystian Czerniecki and included Clemens Rechberger, Veronika Montes and Alexander Koch. Eric Wang and Slki Hong advised on tax matters. Lars Rueve and Philipp Kloeckner advised on certain corporate and securities law matters.