Just Eat is now reported to be valued at between £1.2 billion and £1.5 billion – much higher than the £900 million previously reported.
The price has emerged as likely demand from institutional investors has been tested and assessed in recent days.
At £1.5 billion, the Just Eat group would be valued at a staggering 100 times earnings. Revenues for 2013 were reported at £97 million, up 60% on 2012.
The valuation is based on high expectations for even faster growth.
At this point, Just Eat plans to raise £100 million, with its existing shareholders reducing their stakes in order to do so.