Delivery Hero Shares Sink Below 2017 IPO Price After 75% Rout
- Stock is the worst performer in Stoxx 600 index this year
- Inflation, reopening have hit unprofitable food-delivery firms
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Delivery Hero SE briefly slipped below its initial public offering price for the first time since 2017, after a relentless selloff this year wiped out nearly three quarters of its market value.
The food-delivery stock has cratered this year, shedding about 18.1 billion euros ($19.1 billion) of its market value as investors question the company’s path to profitability amid rising borrowing costs. European peers have also hit a rough patch, with Just Eat Takeaway.com NV plunging 62% and Deliveroo Plc down 59%.