LONDON: British food delivery firm Deliveroo announced plans to launch its hotly anticipated London listing on Monday after recording a surge in business during the COVID-19 pandemic, although it still posted a loss for 2020.
The initial public offering (IPO) is expected to value Deliveroo at more than $7 billion, based on a private funding round it completed in January, and will be one of the largest London listings in several years.
The company published a registration document and an expected "intention to float" -- which signals the start of the listing process -- on Monday, capping what has been a busy start to the London IPO season.
In an accompanying trading update, the company said it had grown the total number of transactions processed on its online platform, the so-called Gross Transaction Value, by 64.3% last year to 4.1 billion pounds from 2.5 billion in 2019.
It also narrowed an underlying loss to 223.7 million pounds ($308.93 million), from 317.3 million pounds in 2019.
"Today, Deliveroo is so much bigger than I ever would have thought possible," founder and chief executive Will Shu said in the trading update. "We are building delivery-only kitchens, delivering groceries, building tools for restaurants to take them into the digital age - things I never contemplated when we launched."
Class system
The company confirmed it plans to use a dual-class share structure that will give Shu more control over the company.
This means it will have a "standard" listing upon entry into the London Stock Exchange, rather than a premium one, excluding it from the FTSE indices.
However, this could change if recommendations made in a recent review of listing rules by former EU Commissioner Jonathan Hill are implemented.
"It's obviously great news that Deliveroo, a global technology leader, born and bred in the UK, has chosen to list here," Hill said in a statement provided by Deliveroo. "The changes we recommended would make it easier for more companies to follow Deliveroo's lead, sending out a message that London is open for business."
Goldman Sachs and JP Morgan are joint global coordinators and bookrunners along with Bank of America, Citi, Jefferies and Numis.
Deliveroo launches London IPO after business surges in 2020
https://arab.news/nj92e
Deliveroo launches London IPO after business surges in 2020
- The initial public offering (IPO) is expected to value Deliveroo at more than $7 billion
- The company said it had grown the total number of transactions processed on its online platform
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
