Online and mobile food-ordering company GrubHub on Friday completed its initial public offering, raising $200 million as it debuted on the New York Stock Exchange under the ticker symbol “GRUB.” The IPO doubled its original capital target of $100 million, and its shares, priced last night at $26, took off in morning trading, increasing 45 percent.
The Chicago startup has been growing rapidly in the last few years, expanding into new markets both organically and through a series of acquisitions, most notably its merger with Seamless last May. The company essentially supplies a one-stop portal for food delivery and takeout orders, aggregating 20,000 menus in 500 cities.
GrubHub processed $1.3 billion in food orders in 2013, averaging 135,000 daily “grubs”, and it boasts 3.4 million unique users. While it started out as an online portal, it’s seen a huge shift of its business to its mobile. Now 43 percent of all orders are placed from its smartphone and tablet apps or from mobile browsers.