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Deliveroo tumbles 30% in London debut : UKInvesting


The shares plummeted as low as 271p within the first 20 minutes of trading, according to Refinitiv data.

The company had on Tuesday set its opening share price at the bottom of its target range at 390p, citing choppy market conditions and following a backlash from some large British investors over corporate governance. The initial public offering had given Deliveroo an opening valuation of around £7.6bn, the highest in London since resources group Glencore’s 2011 IPO, according to Dealogic data.

Deliveroo sold shares worth £1.5bn in the offering, raising gross proceeds of around £1bn for the company to invest in new growth initiatives such as its Editions network of delivery kitchens, while existing investors will cash in to the tune of £500m.

https://www.ft.com/content/5028437e-accf-4624-8ecd-2b502d04743d



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