Billion euro IPO of Delivery Hero – Noerr advises Rocket Internet on largest IPO of the year in Frankfurt

Noerr has advised Rocket Internet on the successful IPO of Delivery Hero AG. From today, the company’s shares are being traded on the Regulated Market at Frankfurt Stock Exchange (Prime Standard). Delivery Hero is the largest new issue of the year on the Frankfurt trading floor, with a placement volume of just under one billion euros.

The shares in the leading global online food ordering and delivery marketplace were offered in public offers in Germany and Luxembourg and by private placements in certain other jurisdictions. The shares were traded at the top end of the price range, with an issue price of €25.50. A total of 18,950,000 new registered shares, 15,000,000 existing registered shares from the portfolios of certain existing shareholders and 5,092,500 registered shares from the portfolio of Rocket Internet’s subsidiary Global Online Takeaway Group S.A. were placed in connection with a “Greenshoe option”. The initial quotation of €26.90 was higher than the issue price. Based on the final offer price, the total placement volume is around €996 million. The net proceeds raised by the company from the placement of the new registered shares will come to €465 million.

As the largest direct shareholder in Delivery Hero, Rocket Internet relied on Noerr and a team led by Dr Sascha Leske (Berlin/New York), who had already acted as lead advisor to the company when it invested in Delivery Hero in 2015, and the Frankfurt-based capital markets lawyer Dr Holger Alfes during the transaction. Noerr was recently commended for its advice to trivago during the company’s IPO on the Nasdaq in New York. At the Transatlantic Legal Awards 2017 the Noerr team received the award in the category “Transatlantic Equity Capital Markets Team of the Year”.

Advisors to Rocket Internet SE: Noerr LLP

Dr Sascha Leske (Berlin/New York, Private Equity, lead), Dr Holger Alfes, Dr Julian Schulze De la Cruz (both Frankfurt, all Capital Markets), associate: Dr Dominik Kloka (Capital Markets, Frankfurt)