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FRANKFURT, June 30 (Reuters) - Shares in $5 billion online takeaway food delivery group Delivery Hero rose as much as 9 percent following their Frankfurt stock market debut on Friday, a boost for other potential tech flotations this year.
The company had priced its initial public offering (IPO) at 25.50 euros a share, the top end of the price range, selling shares worth roughly 1 billion euros ($1.1 billion) and giving it a market capitalisation of 4.4 billion euros.
The stock was changing hands at 27.15 euros at 1350 GMT, after trading as high as 27.7 euros.
"It's a positive sign for Europe's tech sector which has seen very few IPOs this year," an equity capital markets banker said, adding one of the sector's next listings will likely be meal kit group HelloFresh after the summer break.
In Europe, Norwegian technology group Evry listed on the stock exchange earlier this month, but otherwise there have been few other deals in the sector, contrasting with the United States where a number of companies have floated, including messaging app Snap.
A successful listing for Delivery Hero was important for German e-commerce investor Rocket Internet, which cut its stake to 25.7 from 35.7 percent in the deal, having failed to bring a company to market since 2014.
Delivery Hero is using the 483 million euros in proceeds to pay off its debt, grow its own business and for acquisitions as it seeks to stave off rising competition.
The company is still loss-making, mainly due to costs related to its rapid growth, but wants to break even next year.
"We are profitable in an increasing number of markets," Chief Executive Niklas Oestberg said, adding the company now wanted to primarily use equity for its expansion.
Delivery Hero's listing contrasts with Blue Apron's lackluster debut on Thursday, which had slashed its price in the shadow of Amazon.com's deal to buy retailer Whole Foods, leaving investors worried about the prospects of the meal-kit industry.
According to people close to the deal, the Delivery Hero order book was 16 times oversubscribed leaving many investors with smaller allocations than expected and 40 percent of investors without any shares at all.
($1 = 0.8752 euros)
(Additional reporting by Alexander Hübner; Editing by Georgina Prodhan and Mark Potter)