British food delivery start-up Deliveroo is seeking a valuation of £8.8 billion ($12.19bn) as it starts taking investor orders ahead of its flotation on the London Stock Exchange, the company said on Monday.
The takeaway delivery platform will sell its shares at a price between £3.90 and £4.60, putting its market capitalisation at £7.6bn to £8.8bn in what will be the UK’s largest initial public offering since September.
“We are proud to be listing in London, the city where Deliveroo started,” chief executive Will Shu said. "Becoming a public company will enable us to continue to invest in innovation, developing new tech tools to support restaurants and grocers, providing riders with more work and extending choice for consumers.”
Deliveroo revealed its London listing earlier the month in a move prompted by the UK's planned overhaul of listings in a post-Brexit shake-up.
Deliveroo is listing with two classes of shares, which will give Mr Shu outsized voting rights for three years, with its IPO coming at a time of soaring demand for its service.
The company said the value of its orders in January and February was up 121 per cent on 2020, driven by a surge in demand in the UK and Ireland during coronavirus lockdowns.
The listing, expected in April, will offer a much-needed boost for London’s financial sector, which was hit hard by Britain’s exit from the European Union.
About $6bn in European share trading left the City for the continent on January 1 – the first business day after the transition period ended.
However, about £4.8bn has been raised in the UK through IPOs this year, Bloomberg said, in what could be the busiest-ever first quarter for listings in the City.
About 384 million shares will be sold in the Deliveroo IPO, which is worth £1.6bn at the midpoint of the price range, making it the largest float on the LSE since THG’s £1.88bn offering in September.
Deliveroo will take investor orders until March 30, with the stock set to start trading a day after. About £1bn of the money raised is earmarked for the company itself with the rest going to existing investors who are selling shares.
Since its London launch in 2013, Deliveroo has expanded into mainland Europe, Asia, Australia and the Middle East.
Last year, more than six million people ordered food and drink every month from its app via 115,000 cafes, restaurants and stores.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
On racial profiling at airports
Kibsons%20Cares
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Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Results
Catchweight 60kg: Mohammed Al Katheeri (UAE) beat Mostafa El Hamy (EGY) TKO round 3
Light Heavyweight: Ibrahim El Sawi (EGY) no contest Kevin Oumar (COM) Unintentional knee by Oumer
Catchweight 73kg: Yazid Chouchane (ALG) beat Ahmad Al Boussairy (KUW) Unanimous decision
Featherweight: Faris Khaleel Asha (JOR) beat Yousef Al Housani (UAE) TKO in round 2 through foot injury
Welterweight: Omar Hussein (JOR) beat Yassin Najid (MAR); Split decision
Middleweight: Yousri Belgaroui (TUN) beat Sallah Eddine Dekhissi (MAR); Round-1 TKO
Lightweight: Abdullah Mohammed Ali Musalim (UAE) beat Medhat Hussein (EGY); Triangle choke submission
Welterweight: Abdulla Al Bousheiri (KUW) beat Sofiane Oudina (ALG); Triangle choke Round-1
Lightweight: Mohammad Yahya (UAE) beat Saleem Al Bakri (JOR); Unanimous decision
Bantamweight: Ali Taleb (IRQ) beat Nawras Abzakh (JOR); TKO round-2
Catchweight 63kg: Rany Saadeh (PAL) beat Abdel Ali Hariri (MAR); Unanimous decision
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
Charlotte Gainsbourg
Rest
(Because Music)
