* First-quarter revenue up 68 pct on like-for-like basis
* Initial public offering (IPO) before summer break -
* Listing to value firm at 3.5 bln to 4 bln euros
* Rocket Internet shares up 4 percent
(Adds detail on valuation, timing)
By Emma Thomasson and Arno Schuetze
BERLIN, May 23 Online food takeaway firm
Delivery Hero is set to float before the summer break in a deal
valuing one of Europe's biggest start-ups at up to 4 billion
euros ($4.5 billion), people close to the matter said on
Delivery Hero, the start-up in the portfolio of e-commerce
investor Rocket Internet seen as most likely to go
public next, plans to announce its intention to list in
Frankfurt by mid-June with an IPO four weeks later, they said.
Rocket Internet shares, which have been under pressure over
concerns about heavy losses and falling valuations at its
start-ups, were 4 percent higher at 1335 GMT, making them one of
the top gainers on the German small-cap index.
Rocket, which reports first-quarter results on May 31, had
early success with online fashion firm Zalando, which
listed in 2014 and has performed well since. But the e-commerce
investor pulled the flotation of meal box start-up HelloFresh in
2015 and has not brought any other companies to market yet.
Earlier on Tuesday, Delivery Hero Chief Executive Niklas
Ostberg said the company was ready for a possible initial public
offering but declined to comment further on timing or valuation.
"We can go at any point in time if we feel it is the right
time," Ostberg told reporters on a conference call.
One of the sources said about a quarter of the company's
shares would be sold in the deal, which could value the company
at 3.5 billion euros to 4 billion euros.
Another source said shares worth up to 1 billion euros would
be sold, with about half that amount coming from new shares.
Delivery Hero said Tuesday its first-quarter revenue rose 68
percent on a like-for-like basis to 121 million euros. The
loss-making firm did not publish earnings figures but Ostberg
said it was on track to improve profitability as it grows
"With size comes profitability and our focus is on building
size and service levels," he said, adding that he did not rule
out further acquisitions.
The Berlin-based company founded in 2011 delivers meals from
more than 150,000 restaurants in over 40 countries and employs
upwards of 5,000 staff.
Earlier this month, Delivery Hero raised 387 million euros
by issuing new shares to South African media and e-commerce firm
Naspers, diluting Rocket's stake to 33 percent from
just under 38 percent.
The biggest international players in online food takeaway -
Delivery Hero, Just Eat and Takeaway.com - have
been raising capital or swapping assets to bulk up as Uber
and Amazon push into meal delivery.
Goldman Sachs, Morgan Stanley and Citi are organising the
Delivery Hero listing as global coordinators with UBS,
Unicredit, Jefferies and Berenberg acting as bookrunners, the
The banks declined to comment.
($1 = 0.8918 euros)
(Additional reporting by Alexander Hübner; editing by David