Post by Flying Monkeys on Mar 31, 2021 12:20:18 GMT
Deliveroo shares have plummeted on its stock market debut after a number of major UK investors expressed concerns about its gig economy worker model. Shares in the food delivery business had been offered to investors at 390p each, but dived in early London trading to 275p at one stage, a 30% fall.
The company had initially hoped for a share price of up to 460p. But in recent weeks a number of high-profile fund managers said they would not be buying the shares. Shares later recovered some earlier losses to trade down about 10%.
The Deliveroo share sale is London's biggest stock market launch for a decade and the sharp fall on its first day of trading is a blow to the UK's ambitions to persuade more big tech companies to list in the UK.
Chancellor Rishi Sunak said in March the listing of the Amazon-backed company was a "true British tech success story" that could clear the way for more initial public offerings by fast-growing technology firms.
The company had initially hoped for a share price of up to 460p. But in recent weeks a number of high-profile fund managers said they would not be buying the shares. Shares later recovered some earlier losses to trade down about 10%.
The Deliveroo share sale is London's biggest stock market launch for a decade and the sharp fall on its first day of trading is a blow to the UK's ambitions to persuade more big tech companies to list in the UK.
Chancellor Rishi Sunak said in March the listing of the Amazon-backed company was a "true British tech success story" that could clear the way for more initial public offerings by fast-growing technology firms.
What kind of idiot thinks a company selling delivery services is a tech company? They don't sell tech, they sell deliveries, ffs!!