Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Food delivery app Deliveroo is seeking a valuation of between £7.7 billion and £8.8 billion for its upcoming London IPO.
The UK based company confirmed it plans to list its shares between 390p and 460p, making it one of the largest London listings in years.
Deliveroo also said on Monday that the total value of transactions it processes on its platform has grown 121% year on year for January and February 2021, with a growth transaction value in the UK and Ireland rising 130% year over year.
The coronavirus pandemic has helped to fuel demand for its services, with restaurants forced to close. They are set to reopen at the earliest on April 12th.
The company said it will use the proceeds from the listing to invest in the growth opportunities available.
They will also offer shares to customers of the platform based in the UK who have previously placed an order.
“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, bringing them the food they love from more restaurants than ever before,” stated Founder and CEO Will Shu.
“We have seen a strong start to 2021 and we are only at the start of an exciting journey in a large, fast-growing online food delivery market, with a huge opportunity ahead,” he added.
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