London Stock Exchange welcomes Deliveroo Holdings plc to the Main Market

Today, the online food delivery platform Deliveroo has made a significant step in the execution of its ambitious growth plans as it begins trading on the Main Market of London Stock Exchange, having raised net proceeds of around £1.5bn. Deliveroo’s admission is the biggest in London since 2011 and the largest UK technology listing of all time.

Founded in 2013 by Will Shu, Deliveroo has transformed food delivery by pioneering the logistics-enabled delivery model, pairing technology-driven logistics expertise with the nation’s best-loved restaurants to bring great tasting food straight to people’s front door while providing riders with highly flexible work. Having started in a London suburb, Deliveroo now operates in 12 markets across the world, with 115,000 restaurants and grocers, over 100,000 riders and millions of customers globally. 

In 2020, Deliveroo grew its gross transaction value by over 64% and increased gross profit margin from 5.8% in 2018 to 8.8%, coupling rapid growth with strong unit economics. This helped the company to achieve profitability at scale on an Adjusted EBITDA basis in both the second and third quarter in 2020. 

In a rare and welcome move for large UK IPOs, Deliveroo’s listing included a ‘Community Offer’, which enabled UK-based consumers with a Deliveroo account to apply for shares in the company, resulting in retail investors joining the company’s shareholder register upon admission, putting its customers right at the heart of the company. 

The proceeds of the listing will enable Deliveroo to continue investing its mission to become the definitive online food company, enabling it to invest in innovation, develop new tools to support restaurants and grocers, provide riders with more work, and extend choice for consumers by bringing them the food they love from more restaurants than ever before. 

Will Shu, founder and CEO of Deliveroo, said: “Today is an extremely proud moment for everyone at Deliveroo and the culmination of a lot of hard work from our colleagues, both past and present. The company is bigger than I ever thought possible when I set up the business in 2013. While our admission to London Stock Exchange is an incredible milestone, we believe we are only at the start of an exciting journey in a large, fast-growing online food delivery market, with huge opportunities ahead.”

Deliveroo engaged Goldman Sachs and J.P. Morgan Cazenove as Joint Global Co-ordinators, and Merrill Lynch International, Citigroup Global Markets Limited, Jefferies International Limited and Numis Securities as Joint Bookrunners. 

Quick facts

Track
Market: Main Market
Instrument market cap (£m)
4,915.64
Listing/Admission to trading
31 Mar 2021
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