Shares in Deliveroo opened well below the price of their initial public offering on Wednesday, falling as much as 30pc to in one of the steepest trading debut falls for a major company on the London market for years. However, it lost £2.28bn of its value within minutes of the market open, a development that one senior equity capital markets banker said would hurt the market for initial public offerings in the UK and Europe. "Massive disconnect between the order book and the wider market," he said, asking to remain anonymous. Deliveroo's self-employed drivers have seen a boom in demand during the Covid-19 pandemic, bringing food from otherwise-shuttered restaurants to housebound customers. The poor performance is also a blow to UK finance minister Rishi Sunak's aim to attract more tech companies to London.

Source: Irish Independent March 31, 2021 08:05 UTC