Deliveroo is Seeking Up to $12 Billion in IPO

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Popular British food delivery company Deliveroo is seeking a valuation of up to £8.8 billion ($12.2 billion) in its IPO.

Deliveroo is backed by Amazon and plans to offer its share on the London exchange at a price range between £3.90 and £4.60 per share. This would put the company's market cap between £7.6 billion and £8.8 billion.

Deliveroo announced its plans to go public earlier this month and would be one of the largest UK public offerings in recent years. London has been actively working to attract high-growth companies as it continues to adapt to life following Brexit.

Deliveroo hopes that a government-backed review of London's listing regime will allow it to list dual-class shares that would give its CEO and founder Will Shu enhanced voting rights. However, that option is currently not available for firms that want to get listed on the FTSE 100.

“We are proud to be listing in London, the city where Deliveroo started,” Shu said on Monday. “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.”

Deliveroo hopes to raise $1 billion in the IPO and enhance its offerings to capitalize on issues that were made prevalent during the pandemic. “We have seen a strong start to 2021 and we are only at the start of an exciting journey in a large, fast-growing online food delivery market, with a huge opportunity ahead,” said Shu.

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