Insiders are selling 8.8 million shares. Chicago-based GrubHub itself is selling 1.25 million shares worth about $50 million. GrubHub's stock fell nearly 10 percent to about $39 on the announcement of a secondary offering.
The stock had been riding a wave of optimism since GrubHub's strong second-quarter earnings report July 23, rising 28 percent to more than $40 a share.
STRONG IPO PERFORMANCE
GrubHub, an online platform for restaurant takeout, has had one of Chicago's strongest IPO performances. It went public April 4 at $26 per share and climbed to $43.29 the first day. Like Deerfield-based Textura Corp., which makes construction software, GrubHub took advantage of the strong showing to quickly do a secondary offering.
The biggest sellers of GrubHub's stock are Warburg Pincus Private Equity and Spectrum Equity, each selling 1.9 million shares worth about $77 million. That works out to one-fourth of Spectrum's holdings and one-third of Warburg's stake.
Lightspeed Venture Partners, an early backer of GrubHub, is selling 1.2 million shares, or 43 percent of its shares. Goldman Sachs is selling 21 percent of its stock, or 1.3 million shares. Chicago-based Origin Ventures, GrubHub's first venture backer, is selling 609,802 shares, or 15 percent of its holdings.
Jonathan Zabusky, GrubHub's president and former CEO of Seamless, is selling 298,801, or 39 percent of his holdings. GrubHub CEO Matt Maloney is selling 183,089, or 9 percent of his stake. Mike Evans, former chief operating officer, isn't selling any of his 2.1 million shares.
These shareholders may sell more if underwriters exercise an overallotment provision.
No comments:
Post a Comment