Deliveroo lowers valuation target amid investor concerns over riders

Investor concern over how Deliveroo treats its drivers has led the food delivery firm to lower its company valuation target from its London stock market listing this week.

Food-delivery company Deliveroo has cut the upper valuation target from its London stock market listing, this week, by about £950m (€1.1bn), after some institutional investors balked at the company’s treatment of its delivery bike riders.

Deliveroo set new opening price guidance of £3.90 to £4.10 a share. The company initially marketed the offering at £3.90 to £4.60, valuing it at as much as £8.8bn. A Deliveroo spokesperson said the adjustment lowered the top end of the valuation target to £7.85bn (€9.1bn).