Deliveroo, the online food delivery company, has said it expects its forthcoming initial public offering (IPO) on the London stock market to value the company at £8.8bn (€10bn). If achieved, this would be the largest stock market flotation for any UK company since commodities giant Glencore went public in 2011.

Deliveroo will list on the London stock market for the first time on 7 April and said it will price its shares between £3.90 and £4.60. The company said it plans to raise £1bn (€1.2bn) from investors, which it will use to invest in developing new technologies to support restaurants and supermarkets that use the platform. The company said it is particularly interested in growing its on-demand grocery service.

Established in 2013, Deliveroo is a standout success story from the UK’s tech startup scene and is now worth more than Sainsbury’s, the UK’s second largest supermarket, and Glanbia plc here in Ireland. In total, Deliveroo works with more than 140,000 restaurants around the world, including in Ireland.