https://www.bloomberg.com/news/articles/2021-03-31/deliveroo...
You'll have to skip past the typical anti-UK anti-Brexit sentiment that fills journalism these days. The article tries to make it sound like Deliveroo over-shooting their IPO is an indictment of the entire country where it's based, except:
"Among the five biggest deals in London this year, Deliveroo is the only company that didn’t receive the highest targeted valuation ... Doordash Inc. has slumped 24% this month, and European rivals Just Eat Takeaway.com NV and Delivery Hero SE have also fallen this year ... The company and its banks also sought a premium valuation for the stock. At the offering price, Deliveroo fetched 6.4 times last year’s revenue, versus a multiple of 5.8 for Just Eat ... Deliveroo is the largest IPO in the U.K. since e-commerce operator THG Plc’s 1.88 billion-pound listing in September. Like THG, Deliveroo listed with weighted voting rights on the LSE’s standard segment and therefore can’t be included in indexes such as the FTSE 100, despite its size. While the stock will lose out on fund flows from passive strategies that track these benchmarks, the same situation hasn’t prevented THG’s shares from surging 26%"
So there's not much to this story except an unimpressive startup IPO. But there are lots of those about these days. This one is 8 years without a profit - could be worse given the number of "startups" reaching 15 or 16 years without a profit.