Deliveroo has set the final price for its initial public offering at £3.90 a share, the bottom of its initial range and valuing the food delivery company at £1.3bn less than the top end of its original expectations.
While just over a week ago Deliveroo hoped its valuation could reach as high as £8.9bn, the final price per share leaves its market capitalisation at £7.6bn.
The London-based company blamed a further deterioration of stock market conditions on Monday for the decision, which comes as it prepares to close its order book around lunchtime on Tuesday.
The deal will still raise around £1bn in proceeds for the company and £500m for selling shareholders, including Amazon and co-founder Will Shu.
Deliveroo reiterated a statement on Monday, saying it had received “very significant demand from institutions across the globe”.
“Given volatile global market conditions for IPOs, Deliveroo is choosing to price responsibly within the initial range and at an entry point that maximises long-term value for our new institutional and retail investors,” it said.
After a year-long global stock market rally that gave US equity investors their best 12-month run in decades, conditions in the past couple of weeks have been more uncertain.
Markets on Monday were shaken by a fire sale of assets triggered by private investment company Archegos Capital Management, with shares in several large banks and high-performing media and tech stocks down.
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2021-03-30 07:07:27Z
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