Amazon-backed Deliveroo aims to raise $1.4 billion in upcoming IPO

Amazon-backed Deliveroo aims to raise $1.4 billion in upcoming IPO

LONDON - Food delivery service Deliveroo is seeking to raise £1 billion ($1.4 billion) by selling new shares in its upcoming initial public offering on the London Stock Exchange.

The company announced Monday that some of its existing shareholders will also sell some of their shares.

Alongside Amazon, Deliveroo is also backed by investors including Durable Capital Partners, Fidelity, T. Rowe Price, General Catalyst, Index Ventures and Accel.

Deliveroo is also planning to offer £50 million of stock to its customers.

Some early Deliveroo backers stand to make a 60,000% return on their investment, according to a report from tech media website Sifted on Monday.

Deliveroo was valued at $7 billion in July when it raised an additional $180 million from investors. Reports have suggested that it could be valued at around $10 billion following the IPO.

Goldman Sachs and JP Morgan Cazenove have been appointed as the joint global coordinators for the IPO. A date the initial public offering has not been officially announced but is likely to be in the next few weeks.

A filing last week included details on Deliveroo's dual-class share structure, which will see Deliveroo CEO Will Shu get 20 votes per share, while all other shareholders will only be entitled to