Deliveroo announces £223 million annual LOSS ahead of IPO

Business

Deliveroo has announced a loss of £223.7 million in 2020 and at the same time confirmed its intention to launch an Initial Public Offering (IPO) in upcoming weeks.

The restaurant and food delivery app gave potential investors a glimpse of the company’s financial performance yesterday.

The firm saw a surge in demand for its services during the Covid-19 pandemic as dine-in restaurants and pubs were forced to shut, recording a value of £4.1 billion last year or a 64 percent rise from 2019.

Deliveroo CEO Will Shu said, “Now we take the next big step in our journey by allowing everyone to have a share in our future. That’s why we are planning to take Deliveroo public here in London, the city where it all started – and we plan to offer our customers across the UK the chance to own a part of the business.”

The company could be valued at around $10 billion in the stock market listing, according to reports.

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