Shares in Deliveroo opened well below the price of their initial public offering on March 31, falling as much as 30% in one of the steepest trading debut declines for a major company on the London market in years.
The food delivery group, which was valued at 7.6 billion pounds by the offering, lost more than 2 billion pounds of its value within minutes of the market open. A number of heavyweight investors including Aberdeen Standard Investments, Aviva, Legal & General Investment Management and M&G opted out of the deal, citing concerns about gig-economy working conditions and the outsized voting rights handed to Deliveroo founder Will Shu.Source: REUTERS/Toby Melville
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