Deliveroo has set the final price for its initial public offering at £3.90 a share, the bottom of its initial range and valuing the food delivery company at £1.3bn less than the top end of its original expectations (The Financial Times £).
Deliveroo is to price its flotation at the bottom of the range amid global market volatility (The Times £).
Deliveroo now expects to be valued at between £7.6bn and £7.85bn, whereas its original price range had indicated it could be valued at up to £8.8bn (BBC News).
The London stock market listing will now value the takeaway delivery firm at £7.6bn-£7.85bn, instead of a potential £8.8bn, after a week in which leading fund managers said they would shun Deliveroo amid concerns over workers’ rights (The Guardian).
Deliveroo, which is set to announce its final pricing on Wednesday morning before the float, said it had received ‘very significant demand’ from institutional investors around the world, but blamed volatility for its decision to lower the price range (The Mail).
A business editorial in The Times (£) looks at the meal made out of the float by Deliveroo. “London is looking at a comparative damp squib for the debut of its own DoorDash.”
JD Wetherspoon boss Tim Martin revealed he will invest £145m in 18 new pubs and upgrading existing ones, creating 2,000 new jobs - but warned it is all dependent on there being no more lockdowns (The Mail).
Some of Britain’s best-known fashion and retail names are campaigning for the government to launch a ‘shop out to help out’ scheme to aid beleaguered independent shops as they prepare to reopen on 12 April (The Guardian).
“Britain’s food supply must be protected from Europe’s deadly third wave,” says a business column in The Telegraph.
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