Deliveroo shares tumble in London debut

Shares in Deliveroo opened well below the price of their initial public offering on Wednesday, and fell as much as 30per cent to 275 pence after making one of the most anticipated London stock market listings.

FILE PHOTO: A Deliveroo delivery rider cycles in London, Britain, March 8, 2021. REUTERS/Toby Melville/File PhotoLONDON: Shares in Deliveroo opened well below the price of their initial public offering on Wednesday, and fell as much as 30per cent to 275 pence after making one of the most anticipated London stock market listings.

The 390 pence price tag gave an overall valuation of 7.6 billion pounds for the company, less than initially expected, after a string of major UK fund managers said they would not take part, citing concerns about its dual class share structure and its gig economy business model.Deliveroo's self-employed drivers have seen a boom in demand during the COVID-19 pandemic, bringing food from otherwise-shuttered restaurants to housebound customers.

The listing of London-based company, founded by boss William Shu in 2013, is London's biggest IPO since Glencore's in May 2011 and also the biggest tech float on the London Stock Exchange.

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