Deliveroo valuation drops £1bn day before London flotation

Meal delivery service says initial public offering will value company at 7.6bn not 8.8bn

The flotation of Deliveroo on Wednesday will value the company at 7.6bn after concerns over workers' rights and volatile stock markets chipped more than 1bn off the top-end valuation.

Last week, the meal delivery service said its initial public offering could value the company at as much as 8.8bn. However, on Tuesday the company confirmed its shares had been priced at 3.90, which is the bottom of the range it had set out.