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London (dpa) - Deliveroo's debut on the stock exchange went completely wrong: The shares of the food delivery service fell by almost a third right after the start on the London Stock Exchange, to 271 pence.
Most recently, they cost 306 pence with a discount of around 22 percent.
The last few meters before the IPO were bumpy: the issue price of 390 pence per Deliveroo share was at the lower end of the valuation range.
The stock market debut that went awry is also a setback for London's efforts to become an attractive place for IPOs and tech companies after Brexit.
Even with the issue price at the lower end of the price range, Deliveroo was asking too much for its loss-making delivery platform, said Markets.com analyst Neil Wilson.
In a very tough competitive environment, the path for Deliveroo to profitability is questionable.
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Some of the UK's largest asset managers announced last week that they would not participate in Deliveroo's IPO because the company's couriers were not in line with their responsible investment practices.
© dpa-infocom, dpa: 210331-99-40779 / 2