Chancellor Rishi Sunak has hailed Deliveroo a “true British tech success story” as the aggregator confirmed its intention to list on the London Stock Exchange.

With next Monday (8 March) as its proposed launch date, Deliveroo’s initial public offering (IPO), news of which surfaced via Sky News late last year, could see it gain a market value of up to £7.5bn.

Investment banks Bank of America Merrill Lynch, Citi, Jefferies and Numis have been hired to work under Goldman Sachs and JP Morgan for the float, and the company plans to make use of reforms proposed in a review by Lord Hill earlier this week, which recommended changes to listing rules to boost growth and markets.

Its float plans will be based on a new time-limited ‘dual class’ listing structure which will involve two different classes of shares with different voting rights, designed to enable founders to retain greater control after companies go public.

Commenting on Deliveroo’s decision to list in London, Sunak said: “We are looking at reforms to encourage even more high growth, dynamic businesses to list in the UK.

“So, it’s fantastic that Deliveroo has taken this decision to list on the London Stock Exchange.”

Deliveroo founder Will Shu added: “Deliveroo was born in London. This is where I founded the company and delivered our first order.

“London is a great place to live, work, do business and EAT. That’s why I’m so proud and excited about a potential listing here.”

 

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