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Just Eat UK no longer controls JustEat.in; IPO valued at £1.47 billion

Justeat Logo

Just Eat, the UK-based online food ordering service no longer has control over JustEat.in (Achindra Online Marketing), a company that it acquired controlling stake in 2011. According to the IPO prospectus published by JustEat UK (read it here), the company relinquished control over JustEat.in last year, in November 2013, when Axon Partners Group and Forum Synergies India invested in the Indian entity. With this, Just Eat UK’s shareholding in the venture reduced to 59%, and its voting rights decreased to 49.9%. The amount of money invested in JustEat.in by Axon Partners and Forum Synergies has not been disclosed.

Just Eat & HungryZone (later, JustEat.in)

Just Eat UK had acquired 33% in HungryZone (later JustEat.in) in January 2011, paying £188,000 for the acquisition then. HungryZone’s turnover for 2011 was GBP 58,000, at a loss of £90,000. JustEat increased its stake to 67% through planned investments throughout 2011. During 2012, its shareholding increased to 84%, and over the course of 2013, it increased to 91%, prior to the fund raising in November 2013.

Just Eat recorded goodwill impairment charges of £125,000 in 2012 for the India operations,

Note that for the year ended 31st December 2013, JustEat UK recorded a profit of GBP 281,000 on the deemed disposal of Achindra Online Marketing, which owns JustEat.in.

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JustEat UK IPO

Just Eat closed at 277.81 pence per share on the day it made its debut on the London Stock Exchange, up 6.85% from its issue price of 260 pence per share. During the day, it went up to a peak of 296.90 pence per share, up 14.2% from the issue price and a low of 260.42 pence, still marginally higher from the issue price.

London Stock Exchange mentions that Just Eat was the first company to get admitted to London Stock Exchange’s High Growth Segment, which was launched last year. This segment targets mid-sized European and UK companies who are seeking development capital and intend to be included in the premium segment of UK Listing Authority (UKLA)’s official list.

Through this IPO, Just Eat has raised £360 million by offering 138.5 million shares (138,502,501 shares) representing 24.6% of the company’s total issued share capital, valuing the company pre-IPO at £1.47 billion. At 277.81 pence per share, the company would be valued at £1.566 billion, although note that the value of the holding will change with market fluctuations.

Update: The article has been edited to remove the use of IPO proceeds since JustEat UK no longer controls JustEat.in. In one paragraph, we’d mistakenly mentioned the year as 2002 instead of 2012. That has been corrected.

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