Just Eat IPO Values It At More Than £1.5 billion

This is a FANTASTIC success story from such a simple, yet innovative use of the internet. The company has really grown rapidly and this shows that the simplest of ideas can have the most incredible successes:

This article from the Independent explains all:

The City took a bite of Just Eat, sending shares of the takeaway website up 5 per cent on its debut day of trading on the London Stock Exchange, which valued the company at more than £1.5 billion.

The biggest UK technology listing in eight years sees Just Eat — which was founded in Denmark in 2001 but is now headquartered just north of London, in Borehamwood  — valued at two thirds more than takeaway giant Domino’s Pizza and a touch more than The Restaurant Group, which owns 400 UK restaurants including Chiquito and Garfunkel’s.

Just Eat priced its shares at 260p, the top end of its range, valuing the business at more than 100 times last year’s £14.1 million underlying profits — but investors devoured more: Just Eat was the most traded stock on the Footsie, as its shares rose 14.6p to 274.6p.

The company claims the majority of takeaway orders will be made using mobile phones within two years; it has put through more than 70 million orders since its launch and has more than 36,000 restaurants, in 13 countries, listed on its site.

The float will raise £100 million for the company and up to £287 million for the shareholders who are selling down their stakes, including directors and private equity backers including SM Trust, and Index Ventures.

The site — which in the UK charges restaurants a £700 sign-up fee, then takes a 10% to 12% commission on orders — is the first company to list on the LSE’s High Growth Segment, aimed at nabbing tech firms that might otherwise have chosen to list in New York. The City banks securing fees worth some £15 million are Goldman Sachs, JPMorgan Cazenove and Oakley Capital.

Chief executive David Buttress, an ex-Coke executive who already orders in food once a week and will now be able to afford far more, as he owns the biggest slice of a 10% stake owned by management, described the business as “the WhatsApp of takeaway”, and added: “Just Eat is one of the most exciting global growth companies in Europe and we are all delighted at the strong levels of investor interest we have seen in our initial public offering.”

US rival GrubHub, which is listing on Wall Street, has just raised the price range of its own float thanks to huge demand; it is now set to be valued at $2 billion (£1.2 billion).

Source: Independant.co.uk

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Photo credit: 1. Bill Gates: TheVerge.com
Photo credit: 2. Carlos Slim: Telmex.com
Photo credit: 3. Amancio Ortega: Telegraph.co.uk
Photo credit: 4. Warren Buffett: Telegraph.co.uk
Photo credit: 5. Larry Ellison: Telegraph.co.uk
Photo credit: 6. Charles & David Koch: Independant.co.uk
Photo credit: 7. Sheldon Adleson: Telegraph.co.uk
Photo credit: 8. Christy Walton: Derickg.com/

Bill Gates Is Back

Bill Gates has become the richest man in the world again.

Well done Bill.

With a net wealth of $76bn he is $4bn richer that Carlos Slim the Mexican telecoms tycoon.

His $76bn fortune is up this year from $68bn in 2013.

According to Forbes, there are a record 1,645 billionaires in 2014.

Forbes have said that the funds one would need to make it into the top 20 ranking is now $31bn which is up from $23bn in 2013.

The rich really are getting richer.

Bill Gates has been at the number one spot for 15 of the last 20 years which is just incredible.

This year though, Technology firms have featured a lot more in the rich list, foe example Mark Zuckerburg (Facebook, obviously!) has become the biggest gainer in net worth.

His personal fortune more than doubled to a whopping $2.5bn which was down to a sharp rise in the price of Facebooks shares.

Facebooks COO, Sheryl Sandberg also made it into the list for the first time.

Remember WhatsApp sold to Facebook earlier this year for $19bn? Well, Jan Koum and Brian Acton entered the list at number 202 (Koum) and at number 551 (Acton).

Here’s a list of the top ten richest people in 2014:

1. Bill Gates: Microsoft – $76bn
2. Carlos Slim: America Movil – $72bn
3. Amancio Ortega: Zara, fashion – $64bn
4. Warren Buffet: Berkshire Hathaway, Investment  – $58.2bn
5. Larry Ellison: Oracle, Software – $48bn 
6. Charles Koch/David Koch: Koch Industries, various – $40bn 
7. Sheldon Adleson: Las Vegas Sands, casinos  – $38bn 
8. Christy Walton: Wal-Mart, retail – $36.7bn
9. Jim Walton: Wal-Mart, retail – $34.7bn
10. Liliane Bettencourt: L’Oreal, retail – $34.5bn  

Source: Forbes.com

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