National

Pro Rata

Axios Pro Rata

Data: FactSet; Note: Stock listed on the London Stock Exchange, trading time in ET and share price in U.S. dollars; Chart: Axios Visuals

Food delivery company Deliveroo’s much-anticipated public listing in London had a rough first day on the market.

Why it matters: Deliveroo was expected to be a watershed moment for London’s stock exchange as the biggest company to go public since Glencore nearly a decade ago, and the first of hopefully many more Big Tech IPOs.  

The intrigue: Some institutional investors opted to sit out the IPO, citing concerns about its business model and ongoing labor tensions with its delivery workers.

Food delivery company Deliveroo's first-day flop

Deliveroo was expected to be a watershed moment for London’s stock exchange.

London Stock Exchange

Chart of Deliveroo's first day of trading 

Stock market

<figure><img alt="Chart of Deliveroo" height="537" id="4a191be9-6543-4d52-aa97-cdb89d7bb6fe" src="https://images.axios.com/rZ0uHP9t1vncrZUEyzy2kdPCI8A=/2021/03/31/1617225355296.png" width="809"/><figcaption>Data: FactSet; Note: Stock listed on the London Stock Exchange, trading time in ET and share price in U.S. dollars; Chart: Axios Visuals</figcaption></figure>Food delivery company Deliveroo’s much-anticipated public listing in London had a rough first day on the market.Why it matters: Deliveroo was expected to be a watershed moment for London’s stock exchange as the biggest company to go public since Glencore nearly a decade ago, and the first of hopefully many more Big Tech IPOs.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Food delivery company Deliveroo's first-day flop

Go deeper