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Delivery Hero debuts 5.5 percent above offer price at 26.90 euros

Published 30/06/2017, 10:11
© Reuters.  Delivery Hero debuts 5.5 percent above offer price at 26.90 euros
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FRANKFURT (Reuters) - Shares in online takeaway food delivery group Delivery Hero (DE:DHER) started trading at 26.90 euros (£24) in their Frankfurt stock market debut on Friday, 5.5 percent above their offer price of 25.50 euros.

The company had priced its initial public offering (IPO) at the top end of the price range, to raise roughly 1 billion euros ($1.14 billion).

By 0728 GMT the shares were at 26.28 euros.

A successful listing for Delivery Hero is important for German e-commerce investor Rocket Internet (DE:RKET), which holds a 35 percent stake in the firm and has failed to bring a company to market since 2014.

Delivery Hero has said it would use the proceeds to pay off debt and for organic growth and acquisitions as it seeks to stave off rising competition.

Delivery Hero's listing contrasts with peer Blue Apron's (N:APRN) lacklustre debut on Thursday, which had slashed its price in the shadow of Amazon.com's (O:AMZN) deal to buy retailer Whole Foods, leaving investors worried about the prospects of the meal-kit industry.

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