Food ordering company GrubHub soars in debut

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Associated Press

Posted on April 4, 2014 at 10:02 AM

NEW YORK (AP) — Wall Street appears to be in the mood for takeout.

Investors sent shares of online food ordering service GrubHub Inc. jumped 51 percent to $39.20 in early trading in its stock market debut Friday.

GrubHub and its rivals are changing the way people order takeout from restaurants. Instead of calling a restaurant, people can order their next meal online or through a few taps on a smartphone app.

The Chicago company raised $192.5 million after pricing more than 7.4 million shares at $26 per share. That's above the company's previously expected range between $23 per share and $25 per share.

The stock is trading on the New York Stock Exchange under the ticker symbol "GRUB."

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