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Deliveroo IPO price at bottom of £ 7.6bn range

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Having at one point said it could reach £ 8.8bn, it announced today that it will be floating this week at £ 7.6bn, or 390p per share.

The company revised the price range yesterday to 390p-410p, after initially setting it at 390p-460p.

A growing number of large investment firms, from M&G to Aviva, have refused to back the IPO on the grounds that regulators would not order it to switch to more expensive employment contracts.

Last week the company said it had received enough orders from investors for the float to be fully supported up to £ 8.8 billion.

READ  Deliveroo shares drop on day 1 of IPO

That was the fate of Trustpilot, whose stock fell below its floating price last week.

Yesterday, shares of rival delivery companies Delivery Hero and Just Eat Takeaway fell 2.5% and 1.5% respectively as part of a broader sell-off of the tech companies.

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