Deals

Here’s the full filing for GrubHub’s $100M IPO

A recent GrubHub subway ad

Above: A recent GrubHub subway ad

Image Credit: GrubHub

Food-delivery service GrubHub has just filed for an initial public offering to raise $100 million.

The company’s stock will appear on the New York Stock Exchange under the symbol “GRUB.” Underwriters for the deal are Citigroup, Morgan Stanley, Allen & Company, BMO Capital Markets Corp., Canaccord Genuity, Raymond James & Associates, Inc., and William Blair & Company.

GrubHub, Inc., which encompasses the brands GrubHub, Seamless, MenuPages, and Allmenus, has not yet named a starting price range for the shares. It did, however, say that it processed “approximately $1.3 billion of combined gross food sales” in 2013.

Last year, GrubHub collected more than $137 million in revenue, up 67 percent from revenues in 2012 and more than double the company’s 2011 revenue. In human terms, the service has 3.4 million active customers and processes about 107,000 orders each day.

But of course, the GrubHub-Seamless family of brands is just one entity in a sea full of food delivery startups — a fact duly noted in the risk factors outlined in the S-1 filed today with the Securities and Exchange Commission.

“We have a limited operating history in an evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful,” the document reads.

And then there’s that big merger deal with Seamless. “If we fail to manage the integration of the merger effectively, our results of operations and business could be harmed,” the S-1 reads.

Managing the merger means successfully shuttering the Seamless’s old Salt Lake City office, relocating employees, and beefing up staff in New York City and Chicago, where its centralizing operations. It also means smoothly integrating back-office systems — and not losing too many executives along the way.

This IPO has been rumored since November. It’s the biggest tech-food deal since OpenTable’s IPO way the heck back in 2009.

Founded in 1999, Seamless has become popular in metropolitan areas for simplifying takeout and delivery ordering from restaurants. Grubhub, founded in 2004, quickly grew to become a primary competitor.

To date, GrubHub has taken around $84 million in venture capital from the likes of Benchmark and Lightspeed. For its part, Seamless has taken around $51 million.

Here’s the filing; we’ll update this post within the next couple minutes with more details.

GrubHub S1

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