Takeaway meals app Deliveroo yesterday said that its upcoming London stock market listing would raise ￡1 billion (US$1.4 billion).
The company has already picked London for its initial public offering (IPO), but has not yet indicated the amount of shares nor the total valuation of the listing.
“The offer will comprise of new shares to be issued by the company — raising gross proceeds of approximately ￡1 billion — and existing shares to be sold by certain existing shareholders,” the company said in a statement about the listing, which is planned for next month.
Photo: Reuters
Deliveroo, in line with other home-delivery companies, has seen demand soar in the past year owing to lockdowns during the COVID-19 pandemic.
The company in January confirmed that it would target a London IPO after a fundraising round valued it at more than US$7 billion.
Yesterday’s statement comes one week after the group said it had slashed losses last year on booming demand from locked-down customers.
Alongside the results, Deliveroo — founded in London eight years ago — confirmed its “intention to list” in an IPO that would target institutional investors outside the US.
The sale would also offer UK-based customers, including delivery riders and restaurant partners, an opportunity to participate.
The UK-based company posted an underlying loss of ￡223.7 million last year, hit by heavy investment, but that marked an improvement from a loss of ￡317 million in 2019.
HORMUZ ISSUE: The US president said he expected crude prices to drop at the end of the war, which he called a ‘minor excursion’ that could continue ‘for a little while’ The United Arab Emirates (UAE) and Kuwait started reducing oil production, as the near-closure of the crucial Strait of Hormuz ripples through energy markets and affects global supply. Abu Dhabi National Oil Co (ADNOC) is “managing offshore production levels to address storage requirements,” the company said in a statement, without giving details. Kuwait Petroleum Corp said it was lowering production at its oil fields and refineries after “Iranian threats against safe passage of ships through the Strait of Hormuz.” The war in the Middle East has all but closed Hormuz, the narrow waterway linking the Persian Gulf to the open seas,
Apple Inc increased iPhone production in India by about 53 percent last year and now makes a quarter of its marquee devices there, reflecting the US company’s efforts to avoid tariffs on China. The company assembled about 55 million iPhones in India last year, up from 36 million a year earlier, people familiar with the matter said, asking not to be named because the numbers aren’t public. Apple makes about 220 million to 230 million iPhones a year globally, with India’s share of the total increasing rapidly. Apple has accelerated its expansion in the world’s most populous country in recent years, bolstered
HEADWINDS: The company said it expects its computer business, as well as consumer electronics and communications segments to see revenue declines due to seasonality Pegatron Corp (和碩) yesterday said it aims to grow its artificial intelligence (AI) server revenue more than 10-fold this year from last year, driven by orders from neocloud solutions clients and large cloud service providers. The electronics manufacturing service provider said AI server revenue growth would be driven primarily by the Nvidia Corp GB300 server platform. Server shipments are expected to increase each quarter this year, with the second half likely to outperform the first half, it said. The AI server market is expected to broaden this year as more inference applications emerge, which would drive demand for system-on-chip, application-specific integrated circuits
PROJECTION: TSMC said it expects strong growth this year, with revenue in US dollars projected to grow by about 30 percent, outperforming the industry Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales last month reached NT$317.66 billion (US$9.98 billion), the highest ever for the month of February, driven by robust demand for chips built using the company’s advanced 3-nanometer (3nm) process. Last month’s figure was up 22.2 percent from a year earlier, but fell 20.8 percent from January, the world’s largest contract chipmaker said in a statement. For the first two months of the year, TSMC posted cumulative sales of NT$718.91 billion, up 29.9 percent from a year earlier. Analysts attributed the growth to sustained global demand for artificial intelligence (AI) products
RSS