The England based online food delivery company, Deliveroo is aiming for a valuation up to £8.8 billion ($12.2 billion) in its upcoming initial public offering (IPO) in London
Deliveroo, which is backed by Amazon, has set a price range of between £3.90 and £4.60 per share for its initial public offering (IPO), implying an estimated market cap of between £7.6 billion and £8.8 billion.
This company’s debut is set to be one of the biggest U.K listings in years, earlier this month the company had announced plans to IPO in London giving the U.K capital a big win after Brexit as it plans to get more tech companies.
The company was found in London in 2013, it operates internationally in 12 countries, in mainland Europe, Australia, Middle East and Asia.
It is active in more than 200 towns and cities across the United Kingdom.
The London based food company, Deliveroo said
there were “enormous” market opportunities for expansion.
“The way we think about it is simple: there are 21 meal occasions in a week – breakfast, lunch, and dinner – seven days a week. Right now, less than one of those 21 transactions takes place online. We are working to change that.”
Previous year, American internet giant Amazon had invested in the business.
Will Shu, The co-founder and Chief Executive Officer of Deliveroo
“We are proud to be listing in London, the city where Deliveroo started,”
“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.”
Deliveroo, said it will use its initial public offering to enhance its platform and push deeper into on- demand a grocery deliveries.
