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DELIVEROO PLC

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Britain's IPO pipeline packed despite Deliveroo flop, minister says

05/04/2021 | 12:34pm EDT
FILE PHOTO: The London Stock Exchange offices in the City of London, Britain

LONDON, May 4 (Reuters) - Deliveroo's poor public debut in March has not put off other companies from listing in London, Britain's financial services minister said on Tuesday.

The food delivery company's flotation was supposed to be London's debut of the decade, but the stock plunged 30% on the first day, with some investors shunning the listing, citing concerns about gig-economy working conditions.

"I am delighted that Deliveroo chose to list in London," John Glen said in a recorded interview with CSFI think tank made public on Tuesday.

"There is strong pipeline of companies who are planning to IPO in London, and it will never be about one company, it's about a sustainable pathway to access finance and be assured about the regulations that exist," Glen said, without naming any companies.

Shares in cyber security firm Darktrace rocketed on their London debut last week, while Alphawave IP Group said it was planning a London listing this month.

Britain is seeking to bolster the City of London financial hub after being largely cut off from the European Union due to Brexit, and looser listing rules is part of that strategy.

"London is unique as a financial hub," Glen said.

But many banks that used London as their European gateway have had to open hubs in the bloc where their regulator, the European Central Bank, wants them to be fully staffed quickly, forcing lenders into a difficult decisions about future business models in Europe.

Glen said the City remained vibrant and had only seen a "modest adjustment" in jobs since Brexit.

"We are never complacent and we are aware of the ECB's determinations around where people need to work, and we work constructively with regulators in London and take account of what we need to do to continue to see that growth in the UK," Glen said.

The EU has said it was in "no rush" to determine if Britain's financial sector has rules that are "equivalent" to those in the bloc, a condition for direct EU access.

"It's difficult to see where that lack of equivalence would come from," Glen said. (Reporting by Huw Jones. Editing by Mark Potter)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DARKTRACE PLC 2.64% 364 Delayed Quote.0.00%
DELIVEROO PLC 0.64% 257.0226 Delayed Quote.0.00%
LONDON STOCK EXCHANGE PLC 0.60% 7770 Delayed Quote.-14.25%
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05/11DELIVEROO  : Bank of America Initiates Coverage Of Deliveroo With Buy Rating
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05/11DELIVEROO  : Citigroup Starts Deliveroo With Neutral Rating, Keeps PT
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Financials
Sales 2021 1 735 M 2 447 M 2 447 M
Net income 2021 -291 M -410 M -410 M
Net cash 2021 1 223 M 1 726 M 1 726 M
P/E ratio 2021 -16,6x
Yield 2021 -
Capitalization 4 619 M 6 516 M 6 516 M
EV / Sales 2021 1,96x
EV / Sales 2022 1,58x
Nbr of Employees 2 060
Free-Float 94,6%
Chart DELIVEROO PLC
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Deliveroo plc Technical Analysis Chart | MarketScreener
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Technical analysis trends DELIVEROO PLC
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 9
Average target price 324,00 GBX
Last Close Price 255,40 GBX
Spread / Highest target 64,4%
Spread / Average Target 26,9%
Spread / Lowest Target -32,7%
EPS Revisions
Managers and Directors
NameTitle
William Shu Chief Executive Officer & Director
Adam Miller Chief Financial Officer & Director
Claudia Isobel Arney Non-Executive Chairman
Dan Winn Chief Technology Officer
Charles Richard Kenneth Medlock Independent Non-Executive Director
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