German food delivery firm Delivery Hero successfully dipped its first toe into the Frankfurt stock market Friday, in an initial public offering highly anticipated by investors. Shares shot up from their €25.50 starting price to trade at €27 ($30.81) just after the market opened at 0700 GMT, before falling back to €26.17 by 0830. The starting price would have valued Delivery Hero at around €4.4 billion. In 2016, Delivery Hero continued to lose money despite boosting revenue 75 percent to €347 million. Around 35 percent of Delivery Hero is presently owned by Berlin startup incubator Rocket Internet, itself listed on the Frankfurt stock exchange.

Source: The Local June 30, 2017 09:35 UTC