* Plans to sell 175 mln euros in new shares
* Some shareholders to sell too, founder to remain largest
* New funds to support growth, marketing, pay off debt
(Updates after company confirms intention to seek listing)
By Toby Sterling
AMSTERDAM, Sept 6 Takeaway.com, the Dutch-based
online restaurant ordering and delivery service, said on Tuesday
it would seek a listing on Amsterdam's Euronext stock exchange
in the coming weeks.
The company said it would sell 175 million euros ($195
million) in newly-issued shares, as well as an unspecified
amount of shares offered by current shareholders. These include
investors Macquarie and Prime Ventures, as well as founder Jitse
Groen, who said he expected to sell 5 percent of his personal
stake and remain the company's largest shareholder.
"The listing will provide Takeaway.com with additional
capital to strengthen our operations and to fund our marketing
efforts," Groen said on a conference call.
Takeaway is focussed in particular on Germany, where its
Lieferando.de subsidiary is engaged in fierce competition with
rival Delivery Hero. The company will also pay off all existing
Two sources familiar with Takeaway's plans told Reuters last
week the company was preparing an "intention to float".
One banking source said the company was seeking a valuation
of eight to nine times 2015 sales, or at least 800 million
Another person familiar with the matter said that figure was
"way too low," given the company's recent rapid growth.
On Tuesday, the company said it made a loss of 11.5 million
euros ($12.8 million) in the first six months of 2016, on sales
of 50.5 million euros.
The company's sales growth rate has averaged over 50 percent
annually since 2013.
Founded in 2000 by Groen, then a Dutch student, Takeaway.com
is the largest restaurant delivery service in the Netherlands.
It said on Tuesday it was also the largest in Germany, Belgium,
Austria and Poland - though rivals may dispute that, depending
on the metrics used.
Takeaway had an estimated 7 million active customers as of
The company said it was currently only profitable in the
Netherlands - with a margin on earnings before interest, taxes,
depreciation and amortisation (EBITDA) of 63 percent.
The company has raised a total of $118 million in funding so
far, according to Tech Crunch data.
Over the summer, Takeaway.com sold its British operations to
Just Eat for an undisclosed sum, and then bought Just Eat's
operations in the Benelux for 22 million euros.
Bank of America Merrill Lynch and Morgan Stanley are global
coordinators for the offering, with ABN Amro and UBS acting as
($1 = 0.8970 euros)
(Reporting by Toby Sterling, Arno Schuetze and Eric Auchard;
Editing by Leslie Adler and Mark Potter)