| 7 October 2022, Friday |

Deliveroo plans to list its shares in London

The food delivery firm Deliveroo is planning to list its shares in London in a step that could value it at around $7 billion.

Deliveroo, which operators in 12 markets, said it was committed to making the UK its “long-term home”.

The firm has seen demand soar in the pandemic, as restaurants forced to close to dine-in customers have signed up to its platform.

Deliveroo’s plan comes after the government proposed new stock market rules that would benefit start-up technology firms.

These would create two different classes of shares with differential voting rights, giving founders more say in key decisions.

The rules – designed to make London a more attractive place to list – would mirror those of the US, but some fear it could create a riskier trading environment.

Will Shu, Founder of Deliveroo, who established in London eight years ago, said the city was “a great place to live, work, do business and eat”.

“That’s why I’m so proud and excited about a potential listing here.”

He added that the firm, which has been criticized over its treatment of workers in the past, wanted to give consumers choice, restaurants “new opportunities”, and provide riders with “great work”.

Commenting on Deliveroo’s announcement, Chancellor Rishi Sunak said: “The UK is one of the best places in the world to start, grow and list a business – and we’re determined to build on this reputation now we’ve left the EU.

“That’s why we are looking at reforms to encourage even more high growth, dynamic businesses to list in the UK.”