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LONDON (Reuters) – Deliveroo said shares worth £ 50million ($ 69million) would be reserved for clients when it went public, with an offer titled ‘Great food with a side of part’ .
The Amazon-backed food delivery company on Thursday announced plans to list in London, with a potential value of $ 7 billion, making it the biggest debut in the UK market for three years.
Founder and Managing Director Will Shu said Deliveroo’s clients have supported the growth of the business and he wanted to give them the chance to be part of the next leg of his journey.
“Too often, normal people are left out of IPOs, and the only participants are institutional investors,” he said Sunday.
“I wanted to give as many customers as possible the opportunity to become shareholders, which is why we are making 50 million pounds of shares available to them, alongside our catering partners and our riders.”
Deliveroo said any customer who placed an order could register their interest through the company’s app starting Monday.
Anyone could ask for up to 1,000 pounds of shares, he said, adding that loyal customers would be prioritized if the offer was oversubscribed.
Russ Mold, chief investment officer for online platform AJ Bell, said a year of lockdowns fueled demand for companies like Deliveroo and the habits formed during the pandemic were expected remain in the recovery for a long time.
“All of this suggests that there will likely be a scuffle over the £ 50million of Deliveroo clients’ shares during the IPO offer,” he said.
Deliveroo said he would also recognize the role his delivery people played in his success with a £ 16million reward program that will launch on registration day.
Cash rewards ranging from 10,000 pounds to 200 pounds will be available to passengers in Deliveroo’s 21 markets depending on the number of orders delivered. He said the average per eligible runner would be 440 pounds.
(1 USD = 0.7225 pounds)
Reporting by Paul Sandle; Editing by Christina Fincher
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