The stock plunged as much as 31% in its first minutes of trading to trigger circuit breakers the worst performance in decades for a big U.K. listing. The stock closed down 26% at 287.45 pence.Deliveroo’s 1.5 billion-pound ($2.1 billion) IPO was meant to be a triumph for the City in its post-Brexit push to lure tech firms away from New York. Instead, the first-day performance looks like a disaster.
As appetite sours for stocks that flourished during the lockdown, institutional investors have rebuffed the bellwether for the gig economy in droves. Asset managers including Legal & General Investment Management said they wouldn’t buy the stock because Deliveroo’s treatment of couriers doesn’t align with responsible investing practices.
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