Deliveroo shares flop on market debut

In a sign of how much market sentiment has turned against growth and technology stocks, Deliveroo Holdings PLC (LON: ROO) shares crashed on the first day of listing.

The UK food delivery giant’s initial public offering (IPO) was much anticipated as one of Europe’s biggest this year, with shares snapped up for £3.90.

But when they started trading on the London exchange overnight, they immediately fell 30%.

The stock recovered slightly to end a wild first day on £2.87, which is still more than 26% down on the IPO price.

Investors boycotted Deliveroo’s IPO 

Food delivery cyclists with the familiar aqua warmer bag on their backs have become ubiquitous in both the UK and Australia. 

But recent concerns over labour relations Click here to view the original article.