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.

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