Deliveroo aims for $12 billion market cap in biggest London debut in a decade

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Food delivery company Deliveroo could make Britain’s biggest stock market debut since commodities giant Glencore went public nearly a decade ago, after setting a price range that values it at up to $12 billion

The Amazon-backed food delivery firm has been held up by the British government as a sign the City of London can still attract major Initial Public Offerings following the United Kingdom’s exit from the European Union.

Deliveroo will also be the biggest tech IPO on the LSE, dwarfing The Hut Group from last year -- which had a 5.4 billion pound market capitalisation at time of listing -- and the since-delisted Worldpay Group from 2015. FILE PHOTO: A Deliveroo delivery rider cycles in London, Britain, March 8, 2021. REUTERS/Toby Melville/File Photo

An announcement to investors seen by Reuters said that the deal size would be 1.5-1.6 billion pounds, rising to 1.7 billion pounds after the over-allotment of shares. In a short trading update, Deliveroo added that the total gross transaction value on its platform was up 121% in January and February this year compared to the same period in 2020.

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