Deliveroo is eyeing a public listing that values the meal delivery unicorn at up to £8.8bn during its upcoming debut on the London Stock Exchange.

In a trading update posted Monday Deliveroo said the price range for its initial public offering (IPO) has been set at £3.90 to £4.60 per share. This would give it an estimated market cap at the time of listing of between £7.6bn and £8.8bn.

This would make it the biggest London stock market listing since that of commodity and mining company Glencore in 2011, which debuted at $60bn in a dual London-Hong Kong IPO.

The Amazon-backed delivery scaleup said it would make up to 384,615,384 shares available. The tech unicorn will make £50m of shares available to customers as part of a “community offer”. It has also allocated £16m to its most active delivery riders in a “thank you” fund.

Deliveroo aims to raise £1bn from its IPO. It plans to use these proceeds to persuade consumers to spend more cash on online deliveries during one of the “21 meal occasions” that take place each week.

The much-anticipated IPO comes as Deliveroo said the value of transactions on its app had grown by 121% year on year across all markets in the first two months of 2021. The firm has enjoyed growing revenues during the pandemic, which meant consumers turned to online delivery in place of visiting shuttered restaurants. While Deliveroo narrowed its losses in 2020 it remains unprofitable.

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Will Shu, co-founder and CEO of Deliveroo, said: “We are proud to be listing in London, the city where Deliveroo started. 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. We have seen a strong start to 2021 and we are only at the start of an exciting journey in a large, fast-growing online food delivery market, with a huge opportunity ahead.”

Deliveroo has opted for a dual-share structure, which would allow Shu to maintain his influence over the future of the company.

Dual-class structures involve two different classes of shares, with one class offered to the public and one with considerably larger voting powers given to the company leadership. While dual-class listings are popular among tech companies in the US, investors in the UK have a reputation for turning their nose up at them. However, a recent review by the Treasury urged reforms to make dual listings easier in the hope to attract more London floats.

Read more: Deliveroo orders a tasty serving of London in public listing decision