Well done to Just Eat. In a period when some new listings have struggled Just Eat's shareprice has moved ahead significantly.
Just Eat completed a £445 million equity fundraising yesterday to finance its proposed acquisition of Menulog Group, an Australian rival — although initially there was some doubt over the level of take-up of the share issue. The online takeaway group said that, under the open offer to existing shareholders, the acceptance level had been only 41.33 per cent. However, as Just Eat’s big private equity investors had already said that they would not be taking up their entitlement, the actual take-up rate was 72.5 per cent. All remaining shares were taken up by institutions in a placing, which meant that JP Morgan Cazenove and Goldman Sachs did not have to pick up any shares under their underwriting agreement. Just Eat shares ... closed fractionally down at 424¼p yesterday. The group floated at 260p in April last year.