Just Eat, the online takeaway service, has begun trading on the London Stock Exchange (LSE) this morning with a valuation of nearly £1.5b, making it the largest UK technology initial public offering in eight years.
The company, which enables customers to order food online from local restaurants in 13 countries, has priced its shares at 260p. This values the company at more than 100 times the company's underlying profits last year of £14.1m.
David Buttress, chief executive of Just Eat, told The Times: "I believe that investors have recognised our track record of strong growth and that we have a strong platform for future growth.
"We look forward to life as a listed company as we join the market through the LSE's High Growth Segment and continue expanding our leading online platform for takeaway food."
Just Eat was founed in Denmark in 2001, but is now based in London. It has more than 36,000 restaurants and takeaway outlets on its books.