Deliveroo taps JP Morgan as it steps up London float preparations
Deliveroo is said to have appointed bankers at JP Morgan as it steps up preparations for an initial public offering in London next year.
The food delivery app has added the Wall Street bank to its line-up of advisers alongside Goldman Sachs, Sky News reported.
Deliveroo, which was founded in 2013 by Will Shu, is said to be eyeing a float in London as early as the first quarter next year.
JP Morgan was contacted for comment. Goldman Sachs has previously declined to comment on its involvement.
A successful flotation would come as a major boost for the London Stock Exchange, which is poised to welcome a string of new tech players.
Cybersecurity giant Darktrace and tech reseller Music Magpie are among the other online players plotting a London listing after enjoying a boost to trading during the coronavirus lockdown.
Deliveroo’s IPO plans mark a sharp turnaround of fortunes from earlier this year, when it warned it was at risk of collapse as a result of the pandemic.
The comments helped secure regulatory approval for a £442m investment from Amazon.
The delivery favourite has since swung to a profit after benefiting from a sharp increase in orders as people stayed at home.
It has since expanded its services into the grocery market, inking deals with Sainsbury’s, Aldi, Waitrose, Co-op and Morrisons.
In September the company said it would hire 15,000 extra riders to its delivery fleet to help support the new partnerships and increase in orders.
Deliveroo, which now has roughly 45,000 restaurants on its platform, today said it was relaunching its campaign to provide free meals to frontline NHS workers ahead of a fresh lockdown in England.
The firm raised £2m and delivered almost 75,000 meals to NHS staff at home and in hospitals during the first lockdown earlier this year.