Deliveroo shares rise on first full trading day

SourceKuwait Times
SectorFinancial Markets
CountryKuwait

LONDON: Deliveroo shares rose yesterday on the takeaway app’s first full trading day, in contrast to last week’s London stock market launch when they crashed after being snubbed by institutional investors. Deliveroo shares gained 2.7 percent to 287.65 pence, giving the group a market value of £5.3 billion ($7.3 billion, 6.2 billion euros), as small investors joined in the trading. It coincided with a number of Deliveroo riders striking over pay and conditions across a handful of English cities. “The start of unconditional trading in Deliveroo-recast as Flopperoo in some quarters after its disastrous market debut-at least hasn’t led to more pain for the business,” noted AJ Bell financial analyst Danni Hewson. “A strike by riders though will keep the takeaways platform in the spotlight for the wrong reasons on Wednesday.” Deliveroo’s initial public offering on March 31 was London’s biggest stock market launch for a decade, valuing the group at £7.6 billion, after the eight-year-old company enjoyed surging sales during the...read more...