Recently, shares of UK-based Deliveroo jumped up to 10 per cent after it disclosed that the German rival Delivery Hero acquired a 5.09 per cent stake in it. The move comes as the Berlin-based online food ordering platform looks to take advantage of the sector and post-lockdowns growth. Consequently, Deliveroo has hit its highest share price since its stock market debut.
To reiterate, Deliveroo made its stock market debut in the London Stock Market exchange a few months back; however, it did not go as expected. The UK company’s shares had plunged as low as 30 per cent within the first 20 minutes of trading, wiping out around £2.3B (approx €2.7B) in market value.