On the tail end of the third quarter, Amsterdam-based Takeaway.com launched its IPO today, delivering some good news to a European market that has had a rough year for exits.
The company announced that it had priced its shares for an IPO that would give it a $1.1 billion valuation. From the initial price of €23, shares were up in mid-day trading to €24.79.
“I am proud that we took Takeaway.com public today,” said CEO Jitse Groen in a statement. “This IPO enables the company to continue the rapid growth of the past 16 years. It is also a compliment to our people who have worked so hard to develop our business from scratch to where we are now.”
According to Crunchbase, the company had raised $117 million in venture capital. The public offering allowed Takeaway to raise $367 million as it seeks to fend off competition in the crowded meal delivery market. Competitors include Deliveroo, Delivery Hero, Foodora, and even UberEats.
While we’re still waiting for the tallies of IPO activity for the third quarter, the first half of 2016 saw the numbers across Europe tumble dramatically. During the first six months, there were 145 IPOs, compared to 205 for the same period a year earlier, according to PwC data. The total value of those IPOs fell by half.
Overall, a report by Tech.eu in July indicated the volume of European tech exits had fallen by about half during the first six months of the year.
Takeaway on its own isn’t likely to change this dynamic. But its IPO is at least a sign that the right companies can exit if the circumstances are favorable.