Delivery Hero debuts 5.5% above offer price at 26.90 euros

Shares in online takeaway food delivery group, Delivery Hero started trading at 26.90 euros in their Frankfurt stock market debut on Friday, 5.5 percent above their offer price of 25.50 euros.

The company had priced its initial public offering (IPO) at the top end of the price range, to raise roughly 1 billion euros ($1.14 billion).

A successful listing for Delivery Hero is important for German e-commerce investor, Rocket Internet, which holds a 35 percent stake in the firm and has failed to bring a company to market since 2014.

Delivery Hero has said it would use the proceeds to pay off debt and for organic growth and acquisitions as it seeks to stave off rising competition.