Deliveroo CEO Pins Weak IPO on Volatility, Archegos Fallout
- Firm posts 114% jump in orders, keeps outlook on transactions
- U.K. market orders rose by 121% after adding new customers
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Deliveroo Plc Chief Executive Officer Will Shu said that market gyrations, a rotation away from technology stocks and the blowup of investment firm Archegos Capital Management contributed to the firm’s disappointing debut on the London Stock Exchange.
“We went public in a really volatile environment, and there’s some things you just can’t control at the end of the day,” Shu said in an interview after the company reported its first-quarter financial results on Thursday. “The last two weeks also show we have a big job ahead of us to tell our story.”