Deliveroo Plans to List in London With Dual-Class Structure

(Bloomberg) -- Deliveroo plans to list its shares in London under reformed U.K. stock exchange rules that will let it offer a dual-class share structure.

The share structure, which typically gives founders a greater say in shareholder votes, will provide Chief Executive Officer Will Shu with “stability” to execute long-term plans, the food-delivery company said in a statement on Thursday.

Deliveroo, which was founded in 2013 and provides online ordering and delivery services to restaurants and grocery stores, was valued at more than $7 billion in its latest funding round in January. The company and others like it have seen an explosion in orders in the last year as Covid-19 restrictions kept customers out of stores and restaurants.

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The dual-class setup will last for three years, the company said. The U.K. government is betting that reforms to stock exchange rules, which also include proposals to allow special-purpose acquisition companies, will make London more attractive after Brexit.

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