Deliveroo is looking to raise up to £1.7bn at its upcoming IPO after setting an offer price of 390-460p per share.
The price range values the tech unicorn at between £7.6bn and £8.8bn.
READ: Deliveroo invites customers, restaurants and riders to invest in upcoming £1bn IPO
The food delivery company plans to issue up to 384mln shares, including new ones and existing ones sold by certain shareholders, to join the main market of the London Stock Exchange.
The proceeds will be used to boost operations and fuel growth as the takeaway and delivery market continues to boom, aided by Coronavirus (COVID-19) restrictions.
Will Shu, founder and chief executive of Deliveroo, is expected to sell a small part of his 6.2% stake which would earn him £500mln, Sky News reported.
In the two months to February 28, the total value of transactions processed on the platform (GTV) rocketed 121% compared to 2020, with UK and Ireland up 130% and other markets up 112%.
Over the course of 2020, GTV soared 64%, while the fourth-quarter run-rate was over £5bn.
In 2020, underlying gross profit margin as a percentage of GTV grew from 5.8% in 2018 to 8.8%, which the company says demonstrates fast growth underpinned by strong unit economics.
Deliveroo previously reported an underlying loss for 2020 of £223.7mln, narrower than the £317.3mln loss in the prior year.
"We are proud to be listing in London, the city where Deliveroo started,” said Shu in a release.
“Becoming a public company will enable us to continue to invest in innovation, developing new tech tools to support restaurants and grocers, providing riders with more work and extending choice for consumers, bringing them the food they love from more restaurants than ever before. This will help us in our mission to become the definitive food company.”