Hungry for the NYSE: GrubHub Files for Up to $100M IPO
We saw this one coming. Days after rumors swirled that online food service GrubHub Seamless made a confidential filing for an initial public offering, reports confirmed the news by the end of the week, asserting that the company filed paperwork on Friday for an initial public offering up to $100 million. Forbes was one of the first to break the news, and it said that GrubHub expects to be listed on the New York Stock Exchange under the ticker GRUB.
GrubHub said in its S-1 filing, highlighted by Forbes, that its 2013 revenues hit $137 million, reflecting an increase of 67 percent from 2012, and its net income was $6.7 million. The company totaled more than 135,000 combined orders, or “Daily Average Grubs,” in 2013 and made about $1.3 billion in gross food sales. GrubHub now offers its services to residents of 600 cities across the U.S. These numbers illuminate significant growth in both users and revenue for the online restaurant menu and takeout-ordering service, and the company’s executives maintain that there’s still a lot of progress to be made.
GrubHub was allowed to initially file confidentially for its IPO because under U.S. securities rules, companies with less than $1 billion in revenues in the past fiscal year are allowed to initially file secretly with regulators. Someone eventually spilled the beans for GrubHub, but no rumors were able to be officially corroborated until Friday.