Company Briefs: Deliveroo

Deliveroo

Food-delivery company Deliveroo has kicked off an initial public offering in London that could raise billions of pounds.

The start-up plans to raise capital by selling new stock, while existing holders also will sell shares, according to a statement yesterday.

The firm was valued at more than US$7 billion (S$9.4 billion) in its latest funding round. It will list with a dual-class share structure, effective for three years. As such, the stock is ineligible for the London Stock Exchange's premium segment and cannot be included in benchmark indexes such as the FTSE 100.

BLOOMBERG


JD Technology

The fintech unit of Chinese e-commerce giant JD.com, JD Technology, is likely to withdraw its application for an initial public offering on Shanghai's technology-heavy Star Market, the South China Morning Post reported yesterday.

JD Technology, formerly called JD Digits, was renamed after absorbing JD.com's artificial intelligence and cloud businesses earlier this year.

It is considering withdrawing the listing because of "changing business circumstances" after China halted Ant Group's massive stock offering in November, the Post said, citing two anonymous sources.

BLOOMBERG


Innopac

Innopac Holdings has clarified that its application to be placed under judicial management (JM) has been dismissed as a result of an unsuccessful bid to adjourn a court hearing.

The mainboard-listed company made this clarification in a bourse filing on Saturday following an update on Feb 24, when it said only that its attempt to adjourn the hearing for the JM application was unsuccessful.

Innopac also noted on Saturday that the company can "resubmit a fresh JM application in the future if the situation requires".

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on March 09, 2021, with the headline 'Company Briefs: Deliveroo '. Subscribe