 in new shares ahead of its initial public offering (IPO) on the London Stock Exchange.){kind=link}
Deliveroo to issue two separate classes of shares
Deliveroo confirmed on Monday morning that it will sell £1bn ($1.4bn) in new shares ahead of its initial public offering (IPO) on the London Stock Exchange.
The confirmed also announced in a statement that its listing would also include the sale of shares by some existing shareholders.
Deliveroo confirmed there will be two separate classes of shares. Founder and chief executive Will Shu will be the only holder of “class B” stock, which means each of his shares gets 20 votes, while all other shares will get one vote.
The takeaway company will open the listing up to retail investors, making £50m worth of shares available to customers. Each person will be able to apply for up to £1,000 worth of shares.
Shu has confirmed he will offer the company’s top riders £10,000 each following the IPO, as part of a £16m “thank you” fund.
Just last week Deliveroo revealed plans for its initial public offering (IPO), while confirming a 54% growth in sales and £224m of losses in 2020.
Transactions surged to over £4bn during the pandemic however Deliveroo is still a loss making business.