LONDON (Reuters) – Deliveroo said shares worth 50 million pounds ($ 69 million) would be aimed at customers on their future fluctuation, with the offer under the brand “Great food with one side of the shares”.
The Amazon-backed food delivery company announced plans on Thursday to list in London, with a potential value of $ 7 billion, making it the biggest market debut in Britain in three years.
Founder and CEO Will Shu said Deliveroo’s customers supported the company’s growth and he wanted to give them a chance to share the next stage of their journey.
“Very often, normal people are prevented from participating in IPOs and the only participants are institutional investors,” he said on Sunday.
“I wanted to give as many customers as possible the chance to become shareholders, which is why we are making £ 50 million worth of shares available to them, along with our restaurant and passenger partners.”
Deliveroo said any customer who placed an order could register their interest through the company’s app starting on Monday.
Each could apply for up to 1,000 pounds in shares, he said, adding that loyal customers would be prioritized if the offer was underwritten.
Russ Mold, director of investments for the online platform AJ Bell, said that a year of blockages fueled demand for companies like Deliveroo and that there was an expectation that the habits formed during the pandemic would remain in recovery for a long time.
“All of this suggests that there is likely to be an ugly fight over £ 50 million in client shares in Deliveroo in the IPO offer,” he said.
Deliveroo said it would also recognize the role its delivery operators played in its success with a £ 16 million reward program to be launched on listing day.
Cash rewards of 10,000 to 200 pounds will be available to passengers in Deliveroo’s 21 markets based on the number of orders delivered. He said the average per eligible driver would be 440 pounds.
($ 1 = 0.7225 pounds)
Reporting by Paul Sandle; Christina Fincher edition