GrubHub, an online portal for food delivery service supporting 28,800 restaurants in 600 cities, raised the proposed deal size for its upcoming IPO on Tuesday. The Chicago, IL-based company could raise $176 million by offering 7 million shares (43% insider) if it prices at the high end of the new range of $23 to $25. The company had previously filed to offer its shares at a range of $20 to $22. At the high end of the revised range, it will raise 19% greater proceeds than previously anticipated.
GrubHub, which was founded in 1999 and booked $137 million in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol GRUB. It initially filed confidentially on December 23, 2013. Citi and Morgan Stanley are the joint bookrunners on the deal. It is expected to price later this week.
