Berlin-headquartered Delivery Hero has revealed the details of its IPO plans. The Rocket-Internet backed food delivery startup is planning to sell new stocks worth €450 million ($506 million) on the Frankfurt Stock Exchange. It has disclosed the exact timeline but it mentioned this is going to happen in coming few months.

If we take a lookback at the previous happenings, the company had been slyly treading the pathway towards this goal. It had acquired Rocket Internet’s food delivery arm FoodPanda to extend its presence to some 20 new nations across Europe, Asia, and Middle East. It had exited China owing to the cut-throat competition in the market, sold its UK business to JustEat and recently snapped up Kuwait-based food delivery startup Carriage. In addition, last month Delivery Hero had secured a ballooning €387 million ($421.3 million) from Naspers at a valuation of more than $3.1 billion.

Niklas Östberg, CEO of Delivery Hero, in a statement, says,

Delivery Hero has been on a strong growth path since its inception. Going public and listing our shares on the stock market will further enable us to develop the company and provide us with additional capital to expand our leadership positions in the online food ordering and delivery market.

Operating across 40 countries, Delivery Hero was founded in 2011 and currently boasts of a team of over 6,000 employees in addition to thousands of employed delivery drivers.

Delivery Hero currently serves a large addressable food delivery market of €72 billion, while the global food market €7.5 trillion. It generated a revenue of €347 million ($390 million) in 2016, which was increased by 71 percent year-on-year. While its revenue in Q1 2017 amounts to €121 million ($136 million), which witnessed a 68 percent year-on-year rise.

This offering would be the largest IPO this year in Germany. The company said Citigroup, Goldman Sachs International and Morgan Stanley will act as joint global coordinators and joint bookrunners. Whereas, UniCredit Bank AG, Berenberg, Jefferies and UBS Investment Bank have been mandated as additional joint bookrunners.

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