After announcing a planned IPO earlier this month, Deliveroo has now set a price range for its shares when trading finally begins. The U.K.-based food delivery company has set a range of £3.90 to £4.60 per share ($5.40 to $6.38 USD), reports CNBC. Such a range gives the company a valuation of between £7.6 billion and £8.8 billion ($10.5 billion and $12 billion USD).
Deliveroo’s IPO is one of the most hotly anticipated tech listings outside of America in recent years. The company says that much of the funds raised from its IPO will be used to expand into the hot grocery delivery market, which has only become more popular in the COVID-19 era. Up to now, Deliveroo has mainly operated as a food delivery company, much like Uber Eats.
In a statement announcing the share price, Deliveroo CEO and Founder Will Shu said, “becoming a public company will enable us to continue to invest in innovation, developing new tech tools to support restaurants and grocers, providing riders with more work and extending choice for consumers, bringing them the food they love from more restaurants than ever before.”