An estimated 70,000 retail investors see value of investments fall as takeaway firm’s IPO ‘falls flat on its face’
Shares in the takeaway food firm Deliveroo slumped by more than a quarter on its stock market debut, as the eagerly anticipated float turned sour for an army of small investors.
The float was viewed as a big moment for the London Stock Exchange, which has struggled to attract listings from fast-growing tech companies that have preferred to join US markets. The chancellor, Rishi Sunak, had previously described Deliveroo as a “true British tech success story” and the company has been urging customers to buy shares via its app in a campaign that helped coax an estimated 70,000 people to spend £50m on stock to accompany their meals.