Deliveroo targets US$7b valuation for IPO

A biker wearing a Deliveroo backpack drives in the central Barcelona July 23, 2019. — Reuters pic
A biker wearing a Deliveroo backpack drives in the central Barcelona July 23, 2019. — Reuters pic

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LONDON, Jan 17 — British meals delivery company Deliveroo, boosted by demand during the coronavirus pandemic, said today it was targeting a stock market listing after a fundraising round valued the company at more than US$7 billion (RM28.2 billion).

Deliveroo said in a statement that it had raised more than US$180 million from its existing investors, “valuing the business at over US$7 billion”.

“This investment comes ahead of a potential initial public offering and reflects strong demand... given the significant growth potential in the online food delivery sector in which consumer adoption is accelerating,” it said.

No date was set for the IPO, but Bloomberg News said it was expected in or around April.

London-based Deliveroo works with 140,000 restaurants in 800 cities to deliver meals to customers’ homes, and has seen demand soar in line with other home-delivery companies as much of the world has been subject to lockdowns to tackle the pandemic.

But its business has come under scrutiny, including in France and Spain, as its freelance delivery riders complain of exploitative practices. — AFP

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