Deliveroo narrows price range ahead of London market debut

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Food delivery group Deliveroo has narrowed the price range on its initial public offering, ensuring its order books were fully covered for what ...

Food delivery group Deliveroo has narrowed the price range on its initial public offering, ensuring its order books were fully covered for what will be London's biggest IPO in a decade.

Deliveroo narrowed its price range on Monday to between 3.90 and 4.10 pounds per share, indicating a valuation of between 7.6 billion pounds and 7.85 billion pounds, excluding shares offered as part of an over-allotment issue. "Given volatile global market conditions for IPOs, Deliveroo is choosing to price responsibly within the initial range and at an entry point that maximises long-term value for our new institutional and retail investors."

Its revenues have soared and its so-called gross transaction value - a measure of the total value of orders received - jumped 64.3per cent in 2020 to 4.1 billion pounds.Deliveroo's order book has so far attracted strong interest from U.S. investors which are familiar with the dual-class share structures and the dynamics of tech listings, the source close to the IPO said.

 

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