British food delivery service Deliveroo announced plans to launch its IPO today following a surge of business for the company during the COVID-19 pandemic.
The company is expected to value at $7 billion or more once it launches, thanks to private funding collected during January of this year. This will be one of the largest offerings in London’s market in several years.
Deliveroo published registration documents earlier this morning with “intentions to float”, a sign to investors that the IPO listing will arrive soon.
Deliveroo still posted losses for the 2020 fiscal year, but managed to curb those to only 223.7 million pounds. Their gross online transactions are up 64.3% to 4.1 billion pounds total.
Deliveroo has listed their IPO under the dual-class share structure, which will make it exempt from London FTSE indices at launch. EU Commissioner Jonathan Hill hailed the news, saying that it signaled to other businesses that London markets are “open for business”.
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