Meal delivery provider Deliveroo stands for a listing in London with a value of €1.2 billion. That will be the biggest UK listing in ten years.
That reports Just EAT competitor Deliveroo Monday. It offers 384.6 million shares.
Based on the interest expressed in the market, Deliveroo sets an introductory price for its London listing of between £3.90 and £4.60 per share.
That gives a market value of between £7.6 billion and £8.8 billion. This does not include the so-called greenshoe, the extra shares to be issued if the interest of investors appears to be much greater.
According to data from the London Stock Exchange, only commodity dealer Glencore, in May 2011, ran off with a better listing.
The fact that Amazon‘s backed supplier goes to the UK stock exchange with a $575 million loan is important for more reasons, according to market specialists. Despite Brexit and the departure from the European Union, the City is still interesting for large stock exchange quotations.
The meal deliveroo, who mediates between thousands of restaurants with an order app and a digital handling, goes to the fair as a technology share. Last year tech fund The Hut Group generated a listing with a market value of 5.4 billion pounds, in which the Deliveroo is well above.
The Deliveroo group, founded seven years ago by William Shu and Greg Orlowski, continues to benefit from the closure of restaurants, which can almost only retrieve some of their turnover with takeaway.
The market value of all orders at Deliveroo increased by 64.3% last year to £4.1 billion, an increase of 121% compared to yearly. Last year Deliveroo made a profit of 223.7 million pounds.
Deliveroo represents a cost increase in the Netherlands. The meal deliverers are not self-employed entrepreneurs, but employees who are entitled to an employment contract, according to the Amsterdam Court of Appeal.
Deliveroo decided in 2018 not to renew the expiration contracts of deliverers. The court’s ruling allows the meal delivery providers to claim an employment contract with Deliveroo, which applies retroactively.