Deliveroo has confirmed its plans to float on the London Stock Exchange and has announced it will sell approximately £1 billion worth of new shares.

The listing is predicted to be the biggest in over seven years.

The company said that the listing will also include the sale of shares by some existing shareholders.

The IPO will include a community offer in which Deliveroo will enable UK-based consumers with an account to apply for shares in the company.

The IPO will value the food delivery giant at $7 billion, despite expectations that will still post a loss of £223.7 million pounds for 2020, a reduction from the £317.3 million 2019.

The news comes after footwear company Dr. Martens and card retailer Moonpig launched IPOs earlier in the year worth £3.7 billion and £1.2 billion respectively, granting the LSE it’s largest first quarter on record.

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