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Summary
- Deliveroo would be listing its shares on the London Stock Exchange.
- The company’s expected valuation is around US $7 billion based on its US$ 180-million-fundraise.
- The company’s listing plan is being touted as the biggest IPO that London has seen in the last three years.
Online food delivery company Deliveroo would be listing its shares on the London Stock Exchange through an initial public offering (IPO). The company said that as part of its IPO, it might offer a dual class share structure which would be operational for the first three years.
After that, the company would offer a single-class share structure that would give its co-founder and CEO Wil Shu more control over the company’s operations. The listing plan is being touted as the biggest IPO that London has seen in three years.
Deliveroo said in a statement that after eight years of growth and expansion across the world, choosing London for listing reiterates the company’s commitment of making the UK its home. The company’s valuation is expected to be around US$ 7 billion based on its recent US$ 180-million-fundraise.
Deliveroo’s IPO follows some big-ticket listings seen in London. British bootmaker Dr. Martens Plc had a public offering worth £1.3 billion and that of virtual greetings card company Moonpig Group Plc (LON:MOON), valued at around £1.2 billion.
Also read: Bumble Explodes on the Market with Bumper IPO
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Deliveroo’s journey
The company, which was founded in 2013, managed to sail through the pandemic after initial hiccups, as customers depended heavily on take-out meals and groceries through the lockdown. In September, it was first reported that the company was planning to go public.
Companies across Europe, who have benefitted from the pandemic, are tapping the public market. InPost SA, a Polish company that handles automated parcel lockers for deliveries, had a soaring listing in Amsterdam in January. Auto1 Group SE, a company dealing with used cars in the digital space, had its IPO in Frankfurt in February and raised 1.8 billion euros.
Also read: Ant Group Rekindles IPO Hopes
Its strategy of going for a dual class listing might give rise to criticisms as some investor bodies have pointed out that relaxation of norms can lead to accounting scandals since it gives shareholders reduced power to hold management accountable.
