Amazon-backed Deliveroo eyes $12 bln value in IPO

Deliveroo says an upcoming London share sale will value it at up to 8.8 billion pounds - or about 12 billion dollars.

That would make it Britain's biggest IPO in nearly a decade.

The Amazon-backed food delivery company says the valuation is justified by soaring growth.

In a trading update Monday (March 22) it said the total value of orders it received was up 121% on the year in January and February.

Founder and chief executive Will Shu says the food delivery market will remain fast growing.

Earlier in the year he said the firm had continued to see growth even after lockdowns were lifted last year.

The listing will see several existing shareholders sell down parts of their stakes, as well as the sale of new shares.

If it all goes ahead, it will be the country's biggest IPO by market value since commodities giant Glencore went public nearly ten years ago.

That's being held up the UK government as proof that London can still attract big deals even after Brexit.