Deliveroo is set to formally announce its intention to float next month, with 8 March as a proposed launch date, Sky News reports.

According to Sky, the delivery giant’s initial public offering (IPO), for which it has hired investment banks Bank of America Merrill Lynch, Citi, Jefferies and Numis to work under Goldman Sachs and JP Morgan, could see it gain a market value of up to £7.5bn.

Since news of its float first surfaced last year, the company announced aggressive expansion plans to enter around 100 new towns and cities across the UK, launched the rollout of its ‘Signature’ service, and has hired a series of high-profile business leaders to join its team.

In November, former Worldpay CFO Rick Medlock was lined up to join its audit committee as a NED, and Claudia Arney, who currently holds directorships at the Premier League, Ocado, Kingfisher and property developer Derwent London, was appointed to chair the Deliveroo board.

Since then, former Next CEO Lord Simon Wolfston has also joined the board as a NED, and ex-Amazon VP Eric French has joined the company as chief marketplace officer.

Sources have told Sky that the 8 March date was not yet definitive, and the timetable remained subject to change. Deliveroo declined to comment.