Major investors boycotted Deliveroo IPO over rider treatment; shares crashed 30% on debut
Mar 31, 2021In March 2021, major institutional investors including Aberdeen Standard, Aviva, Legal & General, M&G, and others managing over £800bn boycotted Deliveroo's IPO citing worker rights concerns. Aberdeen Standard called rider conditions a 'red flag'. The IWGB union reported riders earning as little as £2/hour while Shu stood to net up to £530 million. Shares crashed 30% on opening day - the worst London debut in two decades. Riders went on strike during the IPO.