London Based Deliveroo Aims At The Valuation Of Up To £8.8bn In Share Listing

Deliveroo is seeking a valuation of up to £8.8bn when it starts selling its shares on the London stock market.

The takeaway food delivery platform has said it plans to sell its shares at a price of between 390p and 460p, in what’s set to be the foremost important UK share listing in additional than seven years.

It also said on Monday the entire value of orders in January and February had quite doubled from last year.

Founder Will Shu said there are “huge” opportunities ahead.

Demand for takeaway meals has soared during the coronavirus pandemic after lockdown measures were first implemented a year ago and restaurants are forced to shut.

Restrictions on hospitality businesses in England are currently set to start bent ease on 12 April at the earliest.

Deliveroo – which has yet to announce a profit – said it’d use the cash raised to require an edge within the business.

The company was founded in London in 2013 and is active in additional than 200 towns and cities across the UK.

It operates internationally in 12 countries, in mainland Europe, Asia, Australia, and thus the center East.

Deliveroo said there have been “enormous” market opportunities for expansion. “The way we expect about it’s simple: there are 21 meal occasions during a week – breakfast, lunch, and dinner – seven days every week. Right now, but one among those 21 transactions takes place online. We are working to vary that.”

Last year, internet giant Amazon invested in the business.

Deliveroo will sell around £1bn of latest shares, and current shareholders will use the prospect to sell a variety of their stake.

On Sunday, Mr. Shu told Sky News he would cash-in a part of his 6.2% stake within the business, which might be worth £550m.

Customers who have placed a minimum of 1 order with Deliveroo will have a chance to buy shares within the business, with what the company calls “loyal” customers being given priority.

Deliveroo is additionally getting to reward its busiest riders with bonuses of up to £10,000.

Riders who have delivered the foremost orders will share during a £16m fund, the company has said.

Deliveroo drivers within the United Kingdom are at the forefront of the mention new ways of working within the “gig” economy. Some drivers have taken industrial and court action to enhance their pay and conditions.

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