LAUNCHPAD: Just Eat cooking up a London flotation?

London's bid to become a technology flotation hub might get the boost it needs if the takeaway site chooses the capital for its IPO.

by Gabriella Griffith
Last Updated: 31 Jul 2013
The UK’s largest online takeaway group, Just Eat, is planning an IPO and is thought to be considering the London Stock Exchange. No date has been decided yet, but the owners of the business, which include private equity houses Index Ventures and Vitruvian (who both have offices in London), are said to support a float on LSE.

Just Eat, which was founded in Denmark in 2001, moved its headquarters to London in 2008. The online take-away ‘marketplace’ has quickly become one of the UK’s most popular ways to order a meal for delivery. It processes about £700m in orders each year in 13 countries and is estimated to have revenues of £70m a year.

Initial announcements about an IPO were made in May when interim chief executive David Buttress was made permanent.

‘In terms of the IPO date there are no specific plans at this time, but the view of the board is that we’ll do it at the right time,’ Buttress said back in May.

‘We need to get ourselves in the right position and when it’s the right time, we’ll look at it.’

If the internet company does decide to float on LSE, the news will be welcomed by the UK government, which has been keen to encourage fast-growth technology companies to list in London. Minister for universities and science, David Willetts, announced plans to relax the rules for LSE to allow for high-growth tech companies last year and in February of this year, the LSE published a draft rulebook for its new High Growth Segment.

With London’s technology cluster gathering momentum and playing home to a number of IPO-ripe tech companies, making LSE a more attractive flat option could stop New York’s NASDAQ nabbing all of our superstar tech IPOs.

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