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Takeaway app Deliveroo picks London for share listing

Takeaway app Deliveroo picks London for share listing

A courier for food delivery service Deliveroo rides a bike, in London, Britain, Mar 24, 2020. REUTERS/Dylan Martinez

LONDON: Takeaway meals app Deliveroo on Thursday (Mar 4) said it had chosen London for its stock market listing, which is set to value the group at more than US$7.0 billion (5.8 billion euros).

Deliveroo, in line with other home-delivery companies, has seen demand soar in the past year owing to lockdowns during the coronavirus pandemic.

"London is a great place to live, work, do business and eat. That's why I'm so proud and excited about a potential listing here," Deliveroo chief executive Will Shu said in a statement.

Shu launched the company in 2013 with a delivery in London.

"After eight years of operations and rapid expansion around the globe, choosing London underlines Deliveroo's commitment to making the United Kingdom its long-term home," the group said.

Shu said it wants Deliveroo "to be the definitive food company, bringing consumers the best choice of foods, giving restaurants new opportunities to grow their businesses, and providing riders with great work".

Deliveroo in January confirmed it was targeting a stock market listing after a fundraising round valued the company at more than US$7.0 billion.

Reports say the initial public offering will come later in the spring.

British finance minister Rishi Sunak welcomed Thursday's announcement.

"The UK is one of the best places in the world to start, grow and list a business - and we're determined to build on this reputation now we've left the EU," he said in comments included in the Deliveroo statement.

"Deliveroo has created thousands of jobs and is a true British tech success story," he added.

Deliveroo works with 140,000 restaurants in 800 cities to deliver meals to customers' homes.

But its business has come under scrutiny, including in Britain, France and Spain, as its freelance delivery riders complain of working conditions, reflecting wider concerns over their rights in the gig economy.

Source: AFP/nh


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