Delivery Hero AG €1bn Initial Public Offering, Germany

“The increase in floats has seen investors dictate pricing, as shown by only one out of 15 IPOs pricing in the upper half of their ranges – with the exception being the multiple-times covered IPO of Delivery Hero that priced at the top end of guidance last week. By contrast six have come at the bottom end, with car leasing company ALD priced only 10 cents above the bottom.”

International Financing Review, July 2017


STJ Advisors acted as independent advisor on the EUR996mn IPO of Delivery Hero AG, a leading global online food ordering and delivery marketplace. The IPO was priced at the top of its price range. This is the largest European tech IPO, 2nd largest German IPO since 2015 and the only large cap German IPO to price at top of the range and trade positively in the aftermarket in the last 5 years.

The book was covered on the 1st day and was over 10 times oversubscribed at the top end of the price range. The tight allocations were evidenced by c.28% turnover and +c.10% share price performance after the 1st day of trading. STJ worked with the company to ensure that key decisions had the benefit of our extensive experience and data capture and our real time assessment so that fully informed decisions are made. These measures contributed to the generation of a high-quality order book and the successful execution of the offering.

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