Delivery Hero AG booked solid gains in its first trading session Friday in Frankfurt, rising more than 5% above its offering price as investors piled into the second-largest European IPO of the year.  

Shares in the online food delivery firm, which was brought to the market at a price of €25.50 each, raising more than €1 billion ($1.14 billion) for its early investors, including e-commerce giant Rocket Internet AG, were changing hands at €26.28 each in the opening 30 minutes of trading in Frankfurt. The Berlin-based group has a market value of €4.4 billion, based on outstanding shares after Thursday's pricing.

The debut marks a stunning contrast to Thursday's tepid launch of Blue Apron Holdings  (APRN) - Get Report on the New York Stock Exchange, when investors largely shunned the much-hyped IPO -- despite its cut-rate price -- and marked the new shares unchanged at $10 each by the end of a lacklustre session in which only 41 million shares changed hands.

The IPO values Blue Apron at just over $2 billion after accounting for about 12 million stock options exercisable under a 2012 equity plan, significantly lower than the $3.2 billion valuation the company had hoped to achieve. It's also essentially the same as the $2 billion valuation it raised money at in its last private funding round in 2015.

Rocket Internet owns about 35% of Delivery Hero, while South African media conglomerate Naspers Ltd. built a 10% stake in the group last month. Delivery Hero says its the leading global online food ordering and delivery firm in terms of restaurants, active users and orders, in more countries than any of its competitors.

The company processed 171 million orders in 2016, up 65% from the previous year. Revenue was €347 million in 2016 and €121 million in the first quarter of 2017. The company registered an Ebitda loss of €116 million in 2016, an improvement on the previous year's loss of €175 million.

Europe's biggest IPO so far this year came from Swiss drugstore chain and over the counter pharmaceuticals wholesaler Galenica Sante AG, which debuted on on Friday April 7 in Zurich and raised Sfr1.95 billion ($1.94 billion) for former Kohlberg Kravis Roberts & Co. LP. holding.

Galenica Group, which demerged the retailer from its Zurich-listed pharmaceuticals arm Vifor Pharma AG last year. The seller will use the proceeds to pay off the debt built up through Vifor's $1.53 billion acquisition of Redwood, Calif.-based biopharmaceutical company Relypsa Inc. in 2016.