Deliveroo IPO Values British Delivery Startup At $12 Billion

Deliveroo IPO Values British Delivery Startup At $12 Billion

Will Shu, CEO and founder of Deliveroo, holds a 7% stake in the food delivery startup heading for its stock market debut.

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Deliveroo expects to raise $1.3 billion at a $12 billion valuation in its initial public offering on the London Stock Exchange as its rides a boom in home food delivery fuelled by Covid-19 lockdowns.  

The IPO, one of the largest in the U.K. in recent years, will price shares at between £3.9 and £4.6 a share, according to listing documents filed with the London Stock Exchange on Monday. The Amazon-backed business said food delivery orders had soared 121% in January and February versus the same period of last year with restaurants shuttered across swathes of the U.K. and Europe. 

“We are proud to be listing in London, the city where Deliveroo started,” Will Shu, CEO and founder, said in a statement. “Becoming a public company will enable us to continue to invest in innovation, developing new tech tools to support restaurants and grocers, providing riders with more work and extending choice for consumers, bringing them the food they love from more restaurants than ever before.”

The business will have a dual share class structure