Online food delivery company GrubHub is looking for a $202.1 million take out order when its initial public offering takes place this week,
This is up from the company's original forecast that the IPO would generate about $178 million for the Chicago-based firm. GrubHub said in a filing on Tuesday it will sell 7 million shares for between $23 and $25 each. If all goes as planned GrubHub could be worth almost $2 billion after the IPO.
Its ticker symbol on the New York Stock Exchange will be GRUB.
The GrubHub web connects hungry folks in 600 cities in the United States, plus London, UK, with more than 28,800 participating restaurants. The company said more than 3.4 million people used the service in 2013. The company processes in excess of 150,000 orders per day, mostly generate via mobile devices, and makes its money by taking a cut of the order's price, sometimes as high as 15 percent. The restaurants benefit by not having to field the orders or higher a delivery person.
The company also owns the online food service Seamless. The company reported revenues of $137 million last year, 67 percent increase.
By serving millions of people from around the country the site is able to put together some interesting data regarding American eating habits. The company recently focused on Los Angelinos eating habits:
- Cottage cheese: 400% more popular in L.A. than throughout the rest of the nation
- Bananas: 52% more popular in L.A. than throughout the rest of the nation
- Yogurt: 48% more popular in L.A. than throughout the rest of the nation
- Salads: 36% more popular in L.A. than throughout the rest of the nation
- Oatmeal: 15% more popular in L.A. than throughout the rest of the nation
Overall, folks in LA are 46 percent more likely to order from an establishment offering healthy items.
However, last Thanksgiving Day the trend was anything but healthy. GrubHub analysts compared to Thanksgiving 2012 to 2013 and found these increases:
- Pumpkin Pie: +230%
- Stuffing: +140%
- Green Bean Casserole: +59%
- Creamed Corn: +53%
- Cranberry Sauce: +21%
- Chocolate Pie: +14%
- Cherry Pie: +14%
- Cider: +13%
- Roast Turkey: +13%
- Brussels Sprouts: +11%
