The meal courier will be on the London stock exchange next month at a rate of 3.9 to 4.6 pounds per share. It will be the largest IPO in seven years for the London Stock Exchange.
Deliveroo’s IPO next month will be at a valuation of 7.6-8.8 billion pounds, converted from 8.9 to 10.3 billion euros. The fixed price range for the shares is 3.9-4.6 pounds.
The meal courier goes to the stock exchange after a record year. The on-trade lockdowns gave Deliveroo and its competitors wings. The 6 million Deliveroo users ordered 4.1 billion pounds of dishes in 2020, 64.3 percent more than in 2019.
In January and February of this year, the gross value of the total number of transactions (excluding tips) shot up 121 percent. A solid acceleration from 64 percent growth in 2020. “We got off to a strong start in 2021 and we are only at the beginning of an exciting journey in a large, fast-growing online food delivery market,” said CEO Will Shu, who founded the company in 2013. founded.
There are 21 meal times in a week: seven days of breakfast, lunch and dinner. At the moment, less than one of those 21 meals is ordered online.
The growth opportunities are enormous, says Shu. ‘There are 21 meal times in a week: seven days of breakfast, lunch and dinner. At the moment, less than one of those 21 meals is ordered online. ‘
The company does not make a profit after eight years. Deliveroo takes a commission per order on the amount that the customer pays. That generated 1.2 billion pounds of revenue in the past year, 54 percent more than in 2019. But the high marketing costs and the investments in the online platform turned the gross operating profit almost 10 million pounds red. That is a significant improvement over the loss (EBITDA) of £ 231 million in 2019.
Deliveroo will raise £ 1 billion in IPO, money invested in ‘innovation and the development of new technology to support restaurants and supermarkets’. The higher goal is to become the market leader.
Even after the IPO, CEO Shu remains firmly in control. There will be two types of shares. The first gives shareholders one vote per share at the shareholders’ meeting. The second – intended exclusively for Shu – 20 voices. In this way he wants to guarantee continuity after the IPO. Three years after listing, Shu’s shares change to “common” shares.
In addition to new shares, the IPO also offers existing shares of current shareholders. It is not yet known who sells. The American internet store Amazon has a 16 percent interest in the London company. The investment funds DST Global and Index Ventures each own 10 percent of the shares. The asset manager T. Rowe Price has an interest of 8.1 percent.
Deliveroo also has a Belgian shareholder, the venture fund Hummingbird. It owns less than 3 percent of the shares. Hummingbird is managed from London by its founder, the Flemish investor Barend Van den Brande. It is not known whether he will cash in on his shares.
Van den Brande – son of former Flemish Prime Minister and current VRT chairman Luc Van den Brande – first invested in Deliveroo six years ago. The meal supplier was then valued at 84 million euros. Today the company is worth 120 times more.