Deliveroo picks banks to serve up blockbuster float

SectorFinancial Services
CountryMiddle east

Deliveroo has hired a quartet of investment banks to help it serve up what could be London's biggest stock market flotation of 2021.Sky News has learnt that the restaurant and grocery delivery app has appointed Bank of America Merrill Lynch, Citi, Jefferies and Numis to work on listing that market sources expect to value it at well over £5bn. The four investment banks will work underneath Goldman Sachs and JP Morgan on Deliveroo's initial public offering (IPO), which is expected to be launched in or around April.Sources said the surge in revenues that Deliveroo had seen since the start of the coronavirus pandemic was likely to prompt a sharp upward revision in its advisers' expectations of the valuation it could now achieve.Based on publicly traded competitors in the US such as DoorDash, bankers are said to be preparing to pitch a valuation of well over £5bn and potentially as more...