Delivery swallowed 30% in London debut

Shares of Delivery fell 30 per cent in London on Wednesday, driven by ambitions to list more British technology companies in the UK.

According to refinancing data, the stock fell as low as 271p in the first 20 minutes. At 8.45am the share price returned to 313p.

The company set its opening share price below its target range on Tuesday, citing market conditions and following feedback from some large British investors on corporate governance.

According to Delegic data, the initial public offering gave Deliveru a starting price of around £ 7.6 billion, the highest since the IPO of Glencore, the largest company in London.

But the food supply app quickly dropped more than 2 2 billion in market value in the first place as a public company in the fastest drop on a big new list year after year.

As of Tuesday, Delivero insisted it had seen “critical demand” from investors and that the deal had been covered “more than once”, even if it was removed. Lower the price limit Earlier this week.

Delivery sold শেয়ার 1.5bn worth of shares in the offer, raising a total revenue of about £ 1bn for the company to invest in new growth initiatives such as the Delivery Kitchen version network, while existing investors would cash in at 500 500m.

Yet retail investors, who were allotted stocks worth worth মিল 50 million in the IPO marketed within the Delivery app, will not be able to trade until next Wednesday, once unconditional trading begins.

At a time when other European companies wanted to go public in New York or Amsterdam, Deliver’s IPO in London has been seen as a test case listed by Silicon Valley-style technology companies. The online retailer The Hat Group has made huge profits since then September IPO raised 1.9bn, Internet rating service TrustPilot has struggled to gain momentum since its debut last week.

Deliver, established in 2013, Lost 224m Last year, however, revenue rose 454 percent as orders for epidemic lockdowns across Europe accelerated.

“I’m very proud that Delivery is coming to our home in London – in public,” said CEO Will Shoe. “Our goal is to create a secure online food agency and we are very excited about the future.”

Shuk has external voting power on the stock for a two-tier share structure, which is common among Silicon Valley companies like Google and Facebook but rare compared to UK lists. The measure would prevent Delivery from entering the FTSE 100 for the time being, but UK Chancellor Ishii Sunak has proposed reforms that would allow two-tier share companies to access the premium segment.

Investors in several of the UK’s largest asset managers, including lawyers and generals, fund-raising weapons of Aviva and Aberdeen Standard, decided not to participate in the IPO, citing a combination of regulatory risks and corporate governance concerns, especially the dual-class structure.

Deliverru’s largest investor, Amazon, sold about 91 91 million worth of shares in the IPO, and Shuo sold about ২ 26 million worth of shares.

Early investors sold 10 percent of their shares in IPOs to Index Venture, DST Global, Assel, Greenoaks, Bridgepoint and General Catalyst. Deliverru’s two largest private backs, T Row Price and Loyalty, have yet to sell.

Deliver’s pre-IPO investors are now barred from selling shares for more than 180 days under the lock-up rule.

Goldman Sachs and JP Morgan have been co-global coordinators of Deliver, while Bank of America, Citigroup, Jeffaris and Numis Bukara have acted as co-global coordinators.

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