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Some fantastic (but much trailed news) that Deliveroo is set to IPO in London, despite the seemingly never ending market rally in the US. I couldn't be happier.
The more companies of this stature that commit to the UK, the stronger the UK market will become. Its a big endorsement and doubtless a great many of the millions made by those involved in building Deliveroo will find their way back into the sector through Angel rounds in the future.
Let's hope Deliveroo's vote of confidence is met with a strong investor appetite.
Deliveroo is to list its shares in London in a move that could reportedly value it at about $7bn (£5bn). The food delivery firm has seen demand soar in the pandemic, as restaurants forced to close to dine-in customers have signed up to its platform. Deliveroo, which operators in 12 markets, said it was committed to making the UK its "long-term home". It 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.
