Deliveroo shares plunge 30% in London IPO
CNN
Deliveroo shares fell as much as 30% in the company's highly anticipated London IPO on Wednesday, wiping out roughly £2.3 billion ($3.2 billion) in market value and dealing a blow to the city's renewed efforts to attract tech company listings.
The stock was last trading at around £3.13 ($4.30), about 20% below the price at which the shares listed. Deliveroo had set the IPO price at £3.90 ($5.36) per share, the bottom of the range it was targeting, citing choppy market conditions. At that price, the food delivery company was valued at £7.6 billion ($10.5 billion).
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