Disaster strikes as Deliveroo becomes ‘worst IPO in London’s history’
The dramatic failure of London’s biggest tech IPO is likely to dampen the hopes of the British government to attract other high-growth companies to list in the UK, ahead of growing competition from exchanges such as Amsterdam.
London | Short sellers, an unfortunate roadshow and terrible timing were all blamed as Deliveroo lost more than a quarter of its value on its first day of trading, becoming in the words of one of its bankers: “the worst IPO in London’s history”.
Shares in the food delivery app closed on Wednesday at 287p, 26 per cent down, wiping almost £2 billion ($2.6 billion) from its opening £7.6 billion market capitalisation, despite frantic efforts by its lead bankers Goldman Sachs and JPMorgan to shore up the stock.
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Financial Times
Attracta Mooney is the Financial Times' investment correspondent.
