Food delivery company Deliveroo is targeting a market cap of between £7.6bn ($10.5bn) and £8.8bn as it gears up for its hotly anticipated initial public offering (IPO) in London.
The news comes as it said transaction values on its platform had grown +121% year-on-year at the group level in January and February 2021.
Will Shu, founder and CEO of Deliveroo, said: "We are proud to be listing in London, the city where Deliveroo started. 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."
Other details of what Deliveroo intends to roll out have already been announced over the last few weeks. The official announcement came following news released by the company last week that it would make £50m of shares available to its customers in a “community offer.” This will mean customers can buy up to £1,000 shares each.
The company also said it would give up to £10,000 to its busiest riders with a £16m "thank you" fund.
The takeaway go-between issued a statement at the beginning of March that showed it had narrowed its losses in 2020 to £223.7m.
Watch: Deliveroo eyes market cap of up to £8.8bn in London flotation
That's compared with a loss of £317.3m in 2019, following a bumper year, partially due to stay-at-home orders during the coronavirus pandemic.
Deliveroo's move for London comes hot on the heels of UK chancellor Rishi Sunak's announcement that the UK would change rules to allow founders to maintain control of their companies despite selling shares on the stock market.
The change is a bid to convince more high-growth tech businesses and "blank cheque," also known as SPACs (special purpose acquisition companies), to list shares in London.
The push to modernise the UK's public markets comes amid concerns that the UK is falling behind other international markets, notably the US.