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Latham & Watkins Advises on Deliveroo IPO

March 22, 2021
Capital markets team represents the underwriters in the biggest expected London flotation since 2011.

Latham & Watkins is advising the joint global coordinators, joint bookrunners and underwriters on Deliveroo Holding plc’s initial public offering on the London Stock Exchange.

Deliveroo has opted for a standard listing and following the IPO, it is expected to have a dual class share structure with two classes of ordinary shares – Class A Shares and Class B Shares. The Class B Shares would be held solely by Deliveroo’s Founder and Chief Executive Officer. The price range for the IPO has been set at £3.90 to £4.60 per share, implying an estimated market capitalization at admission of between £7.6 billion and £8.8 billion. The primary offer is expected to raise gross proceeds of approximately £1 billion, in addition to a secondary selldown by certain existing shareholders.

The Latham team is being led by London corporate partners Chris Horton, Josh Kiernan, Ryan Benedict, Anna Ngo, and Douglas Abernethy with capital markets lawyer Irene Pistotnik, and associates Koushik Prasad, Fred Gardner, and Marco Bonasso. Advice on UK employment matters is being provided by London partner Sarah Gadd and associate Kendall Burnett; on data protection matters by London partner Gail Crawford with associates Calum Docherty and Jag Tyndall; on US tax matters by New York partner Jocelyn Noll and associate Ted Gkoo; and on UK tax matters by London partner Karl Mah and associate Aoife McCabe.