Takeout service Delivery Hero eyes $500 million IPO

Markets Associated Press

Takeout service Delivery Hero says it aims to raise 450 million euros ($507 million) with an initial public share offering.

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The Berlin-based company says the IPO "is expected to take place in the coming months, subject to market conditions."

Founded in 2011, Delivery Hero now operates in 40 countries across Europe, the Middle East, the Americas and the Asia-Pacific region.

The company says it reaches 2.7 billion consumers, either by providing an order-placing platform for restaurants with their own delivery service or by delivering food with its own fleet service.

In its announcement Tuesday, Delivery Hero said consumers placed 197 million orders last year, up 52 percent from 2015.

It says revenues reached 347 million euros in 2016, an increase of 71 percent on the previous year.