Euromoney has been offered the chance to participate in the £1 billion-plus Deliveroo IPO.
No, not through some back channel via an ECM contact, but as part of a possible £50 million “community offer” to all Deliveroo customers, which would be run through the PrimaryBid platform that we has written about before.
Deliveroo filed its formal intention to float on Monday, announcing a dual-class structure that will have a three-year sunset clause.
Jonathan Hill’s recently published review of the UK listing regime recommended that dual-class listings be permitted on the Premium segment of London’s market, so long as they have a five-year sunset, but for the moment Deliveroo will have to content itself with a Standard listing until the UK authorities decide whether to implement any of Hill’s suggestions.
Allocation process
We note with interest the planned allocation process for the PrimaryBid tranche.
“If we are oversubscribed with applications,” the email from Deliveroo tells me, “we will prioritize our most loyal customers first.”
Euromoney assumes its one pizza a month or so would be unlikely to push us far up any allocation hierarchy anyway, but it is an intriguing way to decide how to fill orders.
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