Deliveroo Trims Initial Public Offering Price

London-based food delivery service Deliveroo has trimmed its initial public offering range after citing a 'volatile' market. The company announced on Monday March 29 that it will price its IPO closer to the bottom of its intended range. When trading began on Wednesday March 31, shares had dropped significantly, after several large investors backed out of buying shares.

New IPO Details

Last Monday, Deliveroo said it planned to set its IPO's pricing range at between £3.90, or $5.35, and £4.60, or $6.32 a share. This range would give the food delivery company a market valuation of up to £8.9 billion, or $12.2 billion. Deliveroo's new intended price range is between £3.9, or $5.35, and £4.10, or $5.63 a share. This lower range will give Deliveroo a market valuation of up to £7.85 bill...

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