Deliveroo plans to sell about 1 billion pound or $1.39 billion of new shares in its upcoming initial public offering, according to Reuters. The listing will also include the sale of shares by some existing shareholders, potentially pushing the deal size higher.
Deliveroo will have two classes of shares, with founder and CEO Will Shu the sole holder of Class B stock which will give each of his shares 20 votes while other shares will carry one vote.
The share arrangement is set to last for three years and is designed to protect Deliveroo from a hostile takeover.
Dual-class share structures are common for listed technology companies in the U.S as they can give executives outsized influence on shareholder votes.
Deliveroo’s IPO is expected to value the company upwards of $7 billion and would be the largest London offering by market cap since Royal Mail in October 2013.
