Deliveroo starts taking investor orders for £٨.٨bn flotation
أكثر من ٤ سنوات فى The Irish Times
Food-delivery startup Deliveroo has started taking investor orders in a share sale of as much as £1.77 billion (€2.06 billion), marking the largest initial public offering in the UK since September.
Deliveroo is selling shares at £3.90 to £4.60 apiece, according to a statement Monday, valuing the company at £7.6 billion to £8.8 billion pounds. The offering is the biggest float on the London Stock Exchange since THG’s £1.88 billion offering in September, according to data compiled by Bloomberg.
The company plans to sell as many as 384.6 million shares, an amount that could rise by as much as 10 per cent if there’s enough demand. Besides the £1 billion of new shares the company aims to sell, existing shareholders will also sell stock in the IPO, the company said. The company plans to to invest its proceeds to fuel growth.
Deliveroo is coming to the market at a time coronavirus restrictions have caused soaring demand for food delivery. Gross transaction value -- the total value of purchases on its platform -- rose 121 per cent in January and February versus the same period last year, the company said Monday, after a 64 per cent increase in 2020.
“Bringing the food category online represents an enormous market opportunity,” it said, adding that less than one of 21 meals a week including breakfast lunch and dinner takes place online now. Its shareholders include Amazon. com Inc., which holds a 16 per centstake, venture capital firms DST Global and Index Ventures, who own about 10 per cent each, and US mutual-fund company T. Rowe Price Group. with a 8.1 per cent interest.
Deliveroo is listing with two classes of shares, which will give chief executive Will Shu outsized voting rights for three years. The offering comes after a government-backed report this month made a slew of recommendations to reform UK listing rules, including allowing such governance structures on the premium segment of the LSE, but it could be months before these are implemented. The proposals are part of London’s attempts to retain its clout as a major financial center in a post-Brexit world and attract fast-growth technology firms to its stock exchange. - Bloomberg