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Opinion
Alex Webb

Deliveroo's IPO Debacle Is a Bad Look for London

The city just learned a hard lesson about trying to attract tech listings.

Deliveroo took a wrong turn.

Deliveroo took a wrong turn.

Photographer: Daniel Leal-Olivas/AFP

London just learned the hard way that becoming a hub for tech listings is not easy.

Shares in Deliveroo Holdings Plc, the food delivery platform that was supposed to be the poster child for new U.K. listing rules, suffered a calamitous debut. Even after the initial public offering was priced at the low end of its target range, the stock fell as much as 31% in the opening minutes. Trading was briefly halted due to the volatility. If new rules give founders more control, they have to work harder to convince investors to part with their money.