GrubHub raises $193M in IPO, more than expected
NEW YORK (AP) - Investors seem ready to eat up GrubHub.
The online food delivery company has raised $192.5 million in its initial public offering, more than it expected.
GrubHub priced 7.4 million shares at $26 each, up from its expected sale of 7 million shares for $23 to $25 each. That was already an increase from its projections in March and February. And the banks managing the deal could still buy another 1.1 million shares, further boosting proceeds.
GrubHub, based in Chicago, also owns the Seamless food ordering website. The company connects nearly 29,000 restaurants with users in more than 600 U.S. cities. At the end of 2013, about 3.4 million people had placed an order through GrubHub websites in the past year.
Shares are to begin trading Friday.