March 22, 2021
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
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.