GrubHub Shares Soar 31% on Opening Day
GrubHub (GRUB) shares climbed 31% on its IPO day. The company helps people order takeout from restaurants online and over mobile devices. Food can be ordered for delivery or pickup. The company has apps for the iPhone and Android devices.CNN/Money reports that GRUB shares were up more than 50% at one point during the day. The company had revenues of $137 million in 2013 and has 3.4 million active diners or users at 28,000 restaurants. CNN/Money notes that GrubHub is facing a patent lawsuit over its "online order-synching technology and online menus."
The WSJ's Moneybeat blog has rounded up some GrubHub IPO puns. Some of the words used in IPO news stories included delivered, devour, hunger and gobbles.
Here's a GrubHub video about how GrubHub works:
Posted on April 4, 2014