British food delivery firm Deliveroo has announced plans for its London listing , disclosing it had narrowed its underlying loss in 2020 to £223.7 millionThe Deliveroo IPO is one o
f the most eagerly watched-for initial public offerings (IPOs) in the first half of 2021, and is expected to value the company at more than $7 billion.
In a trading update alongside its IPO circular, the company said it had grown the total number of transactions processed on its online platform, the so-called Gross Transaction Value, by 64.3 per cent last year to £4.1 billion from £2.5 billion in 2019.
Over the same period, underlying gross profit rose 89.5 per cent to £357.5 million from £188.7 million, pushing underlying gross profit as a percentage of GTV to 8.8 per cent from 7.6 per cent.
The total underlying loss for the year came in at £223.7 million, down from £317.3 million in 2019, it added. As flagged last week, the company said it planned to use a dual-class share structure that will give co-founder Will Shu more control over the company.