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LONDON -Food delivery company Deliveroo has seen investor demand for its initial public offering (IPO) exceeding the full deal size, setting the stage for London's biggest initial public offering (IPO) in a decade.
The London-based firm is expected to make its stock market debut on March 31 with a market capitalisation of between 7.6 and 8.8 billion pounds ($12.11 billion).
Banks working on the deal said on Monday that its books have been covered throughout the price range of between 3.90 and 4.60 pounds per share, indicating investors demand exceeds the full deal size.
Deliveroo has opted not to pursue a premium listing - ruling it out of inclusion in the FTSE indices - which allows founder and chief executive Will Shu to retain enhanced shareholder rights.
The company has benefited from the closure of restaurants for anything other than takeaways during the COVID-19 crisis and revenues have soared accordingly, with so-called gross transaction value - which measures the total value of orders received - rising 64.3% in 2020 to 4.1 billion pounds.
The upcoming listing is set to be London's biggest IPO since Glencore in May 2011 while also becoming the biggest tech IPO on the LSE, dwarfing The Hut Group from last year and the since-delisted Worldpay Group from 2015.
JPMorgan and Goldman Sachs are acting as joint global coordinators on the deal while Bank of America, Citigroup, Jefferies and Numis are the joint bookrunners.
($1 = 0.7266 pounds) REUTERS