GrubHub Set to Begin Trading on NYSE

Features Reuters

Shares of online food delivery company GrubHub Inc rose as much as 57 percent in their market debut, valuing the company at about $3.20 billion.

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The Chicago-based company's initial public offering raised about $193 million after its upsized offering was priced at $26 per share, above its expected range. At the offer price, the company was valued at $2.04 billion.

Of the 7.4 million class shares on offer, the company sold 4 million, with the rest being sold by selling stockholders.

The company had earlier planned an offering of 7.03 million shares at between $23 and $25 apiece.

GrubHub's shares opened at $40 and touched a high of $40.80 on the New York Stock Exchange on Friday.

Citigroup and Morgan Stanley were the lead underwriters to the offering