Food delivery company Deliveroo lost almost €2.5 billion within 20 minutes of being floated on the London Stock Exchange.
The company's shares plummeted by more than 30% amid criticism for its record on worker's rights.
The company was initially valued at over €8 billion, but after listing on the London Stock Exchange, its shares dropped to 271p within the first 20 minutes of trading, almost a third down on its target range of 390p.
Deliveroo has come under fire for its alleged poor pay, lack of benefits, and difficult working conditions for riders, however the company says that riders are ‘self-employed’ and can choose their own hours.
The company still raised £1.5 billion in share capital, offsetting £224 million in losses last year, despite revenue jumping 54% in a lockdown takeaway boost.
