Deliveroo Flop Deals Blow to U.K. Post-Brexit Tech Ambitions
- Stock drops 31% in trading debut after $2.1 billion IPO
- London is losing tech firms to New York’s deeper market
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It was supposed to be a triumph for the post-Brexit City of London, a deal that would show the world how British markets could lure hot young companies.
Instead the stock-market debut of Deliveroo Holdings Plc, an eight-year-old business backed by none other than Amazon.com Inc., flopped Wednesday in a sharp blow to the City’s latest ambitions.