Deliveroo Narrows Its IPO Target Range In ‘Volatile’ Trading Conditions

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Deliveroo Narrows Its IPO Target Range In ‘Volatile’ Trading Conditions
  • Last week Deliveroo set the range between £3.90 to £4.60 valuing the company at up to £8.8 billion.
  • Today it narrowed the range to £3.90 and £4.10 valuing the company at up to £7.85 billion

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Q4 2020 hedge fund letters, conferences and more

Deliveroo Narrows Its IPO Target Range

Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown

"By narrowing its IPO target range, Deliveroo is trying to make sure it doesn’t hit a bump in the road as it begins its journey on the stock market. It's likely initial orders for the IPO have come in nearer the bottom of the target range, and by setting its sights nearer those prices, it is managing expectations on its ride to listed status.

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It may be blaming volatile market conditions for the move, but the rejection of the IPO by a slew of institutional investors is likely to also have caused some concern at the delivery company.

Whereas Doordash and AirBnB benefited from sustained euphoria among shareholders after they went public at the end of last year, review site Trust Pilot has seen its share price slide after the initial pop. It priced its offering at the very top of the range. Doordash listed in New York has also seen its valuation slide sharply from its February high.

Clearly Deliveroo, already facing criticism over the working conditions of its riders, doesn’t want to puncture the prospects of a successful launch."


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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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