The IPO service Delivery Hero, trades in shares which started on the Frankfurt stock exchange a week ago, was successful not only for its main shareholders - the German incubator startups Rocket Internet, but also for Russian billionaires from the Forbes list.
Investors appreciated Delivery Hero at the upper limit of the proposed price range by the organizers - 25.5 euros per share, the whole company - 4.4 billion euros. For the first day of trading last Friday, the company's securities went up by another 8.6%; By the end of the first week of trading, they continue to trade above the placement price.
One of the main recipients of the proceeds from IPO funds - Rocket Internet: before the transaction the fund owned approximately 35% of the delivery service papers (after its share fell to about 25%). He sold the papers for 382.5 million euros.
Not in the horse delivery
194.9 million euros amounted to a consolidated loss Delivery Hero for 2016, declining for the year by 58 million euros. Adjusted loss before taxes, interest and without depreciation - 71.2 million euros. Financial losses are associated with the costs of building up business, said in the company's prospectus. In some markets, for example in Turkey and Sweden, the revenue of the Delivery Hero before taxes, interest and without depreciation is in the positive zone (adjusted EBITDA). The goal is to achieve a positive adjusted EBITDA in 2018 of 297 million euros. Revenue reached the level of 78.7%, mainly due to the consolidation of the results of the Talabat, Yemek Sepeti, E-Food group and Foodora services, .
Among the other well-known sellers are at least two Russian participants. One is ru-Net Venture Fund Leonid Boguslavsky. He invested in a German delivery service from restaurants a year after its foundation, the businessman told Vedomosti. As Boguslavsky recalls, in 2011 he, along with the German investor Team Europe, invested in the delivery service of Lieferheld and simultaneously created Real Group Pizza (RGP) with the aim of investing through it in food delivery companies in different countries. "Then Lieferheld and RGP we combined in Delivery Hero. Our first investment in 2011, then, was 7 million euros in Lieferheld and RGP for a total of two companies valued at 40 million euros, "the businessman continues. In total, he said, his fund invested about 20 million euro in Delivery Hero.
During the initial placement of the structure of the ru-Net fund, about 2 million shares were sold, Boguslavsky added. Thus, based on the announced price of placement, a businessman could earn on the transaction about 50 million euros.
Ru-Net has a minority stake in the company, its size has not been disclosed by the entrepreneur. There is no strategy for it yet, Vedomosti interlocutor added: "[Now the period is valid] lock up. We will decide when it will end. "
Another Russian investor, who earned a successful placement, is Gavril Yushvayev, the former co-owner of the food producer Wimm-Bill-Dann. According to the Prospectus for investors, the share of the entrepreneur in Delivery Hero before the transaction was 6%, after it was reduced to 4.5%. In total, he sold 1.35 million shares; Thus, he could earn on them 34,43 million euros
Expectations from the IPO were within the framework voiced by its organizers - according to the company's valuation of 3.5-4.5 billion euros, transferred Yushvayev through a representative. The decision on further investments in the project or, conversely, on the withdrawal from it will depend on the company's business plan, he explained: "I believe in the management of the company, [it] is the key to the success of the service ... It is important to look at the financial result for 2017 And prospects. If the company manages to go into profit, it is possible that I will invest in it. "
Yushvayev invested in Delivery Hero "in 2012-2013", he admitted to "Vedomosti" in late June. Before his first deal, Delivery Hero was estimated at 90 million euros. In total, the entrepreneur invested twice in the service, a total of 122 million euros, and twice sold part of his package. The maximum share of Yushvayev in Delivery Hero, according to him, reached about 24%.
Delivery Hero works in Europe, Latin America, Asia and the Middle East under the brands Lieferheld, Foodora, Foodpanda, etc .; Among its partners - about 150,000 restaurants. This is the fourth IPO of a major food delivery service in recent years - previously hosted by GrubHub, Just Eat and Takeaway.com, according to the Financial Times. "Delivery Hero is a rare example of a very successful aggressive expansion of a technology company in more than 40 countries through the purchase of businesses and associations with other companies," says Boguslavsky.
The exit from the asset through IPO for venture investors is rather rare, says Runa Capital managing partner Dmitry Chikhachev: "Usually [this] occurs in the course of mergers and acquisitions." One example of such IPOs is the placement in 2012 of the American IT company Epam on the New York Stock Exchange, during which part of the package was sold by Russia Partners, Chikhachev recalls. Another example is that in 2014, DST Global funds, controlled by Russian investor Yuri Milner, earned more than $ 60 million for the IPO of a major Chinese online retailer JD.com.