Mar 31, 2021 - Economy & Business

Food delivery company Deliveroo's first-day flop

Chart of Deliveroo
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.

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