Takeaway.com valued at 993 million euros in IPO

September 30, 2016 2:06 AM EDT

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AMSTERDAM (Reuters) - Takeaway.com, the online food ordering service, said on Friday its shares had been priced at 23 euros each in its initial public offering, giving it a market capitalization of 993 million euros ($1.1 billion).

The Dutch company's IPO will raise 328 million euros from the sale of new and preexisting shares, representing a third of its equity, with 175 million euros coming from new shares.

The company plans to spend the money on paying down debt and funding expansion in Germany, where it competes with Delivery Hero.

($1=0.8916 euros)

(Reporting by Toby Sterling; Editing by Amrutha Gayathri)

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