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The stock was last trading at around £ 3.13 ($ 4.30), around 20% below the price at which the shares were listed.
Deliveroo had pegged the IPO price at £ 3.90 ($ 5.36) per share, the low end of the range he was targeting, citing volatile market conditions. At that price, the food delivery business was valued at £ 7.6bn ($ 10.5bn).
“Given the volatile global market conditions for IPOs, Deliveroo chooses to responsibly price within the initial range and at an entry point that maximizes long-term value for our new institutional and retail investors. “the company said in a statement Monday.
Several large institutional investors, including Aberdeen and BMO Global Asset Management, said last week that they would not participate in Deliveroo’s IPO because they were concerned about competition, regulation and how which the company treats its delivery people.
Deliveroo said it had received “a very large demand from institutions around the world” and that the backlog had been oversubscribed on several occasions.
– This is a developing story and will be updatedre.
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