Deliveroo aims for $12 billion market cap in biggest London debut in a decade – Reuters

Deliveroo aims for $12 billion market cap in biggest London debut in a decade – Reuters

LONDON (Reuters) - Food delivery company Deliveroo could make Britain's biggest stock market debut since commodities giant Glencore went public nearly a decade ago, after setting a price range on Monday that values it at up to $12 billion.The Amazon-backed food delivery firm has been held up by the British government as a sign the City of London can still attract major Initial Public Offerings (IPO) following the United Kingdom's exit from the European Union.It is set to be London's biggest IPO since Glencore in May 2011, according to data provided by the London Stock Exchange.A London stock market listing by Allied Irish Banks in 2017 is excluded from the data as it had a small listing in Ireland at the time.Deliveroo will also be the biggest tech IPO on the LSE, dwarfing The Hut Group from last year -- which had a 5.4 billion pound market capitalisation at time of listing -- and the since-delisted Worldpay Group from 2015.The company has benefited from the closure of restaurants for anything other than takeaways during the COVID-19 crisis and revenues have soared accordingly, with so-called gross transaction value - which measures the total value of orders received - rising 64.3% in