Originally published at www.seclive.com
GrubHub, Inc. (NYSE:GRUB), an online food ordering website, has updated the price range for its initial public offering. The company, founded in Chicago in 2004, initially last week announced pricing between $20.00 and $22.00 per share and has now increased the price range to between $23.00 and $25.00. The company plans to offer a total of 7 million shares, with 4 million from the company and 3 million from early investors, though that number could increase to 8.1 million with a 1.1 million purchase option for underwriters. GrubHub won't earn proceeds from the sale of investors' shares, will use its share of the proceeds to continue running the business. Excluding the underwriters 1.1 million share purchase option, GrubHub would be worth nearly $2B after completing its offering. Citigroup and Morgan Stanley have been listed as the lead bookrunners to the offering.
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