Amazon-backed food delivery firm Deliveroo picks London for its blockbuster debut

Amazon-backed food delivery firm Deliveroo picks London for its blockbuster debut

LONDON “” British food delivery start-up Deliveroo announced Thursday that it plans to list in London, in a post-Brexit boost for the City.

The firm, which is backed by Amazon, is expected to go public later this year. It went from near failure in 2020 amid a competition review into Amazon's minority investment, to operating profitability toward the end of the year thanks to the coronavirus lockdown-driven surge in demand for online takeout services. Amazon's stake in Deliveroo was greenlit by the regulator last summer.

Deliveroo said it would adopt a dual-class share structure for its market debut, giving its founder and CEO Will Shu enhanced voting rights and therefore more control over the direction of the company. It comes after a government-backed review called for reforms to London's listing regime, including the ability to list dual-class shares which were pioneered by Google and Facebook.

In Deliveroo's case, the dual-class structure will be limited to three years followed by a shift to a traditional single-class share structure, in line with the recent recommendations.

"Deliveroo was born in London," Shu said in a statement Thursday. "This is where I founded the company and delivered our first order. London is a great place to live, work,