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buy apple account:Analysis: Deliveroou0027s IPO slump casts doubt over Londonu0027s post-Brexit ambitions

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LONDON - Deliveroo's share price plunge on its London stock market debut has put a question mark over Britain's ambitions to become a home for fast-growing tech companies following its departure from the European Union, investors and analysts say.

Shares in the food delivery company slumped as much as 30% on Wednesday in one of the biggest first day falls for a stock in London. They were down another 2.2% on Thursday.

Many of the reasons for the brutal decline are likely to be company-specific, according to a dozen interviews by Reuters of venture capital (VC) investors, bankers, analysts and tech executives.

But some said it also highlighted shortcomings in the London market and that - whatever the cause - it would deal a blow to Britain's efforts to attract more top tech companies.

"The volatility facing Deliveroo's share price is a setback for the UK's ambitions to convince more VC-backed tech businesses to list," said Nalin Patel, EMEA Private Capital Analyst at PitchBook. "Deliveroo's decision to list on the LSE (London Stock Exchange) will come under scrutiny given its disappointing debut and the fact that Europe-based tech companies have predominantly listed in the U.S. in recent years." One source close to some Deliveroo board members said some directors felt the loss-making company should have merged with a special purpose acquisition vehicle (SPAC) in New York - an increasingly popular way for firms to go public without an initial public offering (IPO).

"It's not great for London to be honest. The feeling is that Deliveroo should have SPACed to New York where investors understand and accept the risk associated with pre-revenue businesses," the source said.

A Deliveroo spokeswoman declined to comment.

The LSE declined to comment on Deliveroo, but said the exchange had had a strong start to the year for listings.

"The positive activity demonstrates the ability of UK capital markets to support dynamic companies across all sectors and from around the globe," said Murray Roos, head of capital markets at LSE Group.

Attracting European technology companies has long been an goal for the LSE. Those ambitions became more pressing after Brexit, with London wanting to retain its position as a major global financial hub without access to EU markets.

The LSE, British government officials and bankers all launched a charm offensive to persuade Deliveroo to list in Britain.

Traditionally, European tech companies, such as music streaming firm Spotify, have chosen a New York listing to access the world's biggest tech investment community and an entrepreneur-friendly listing regime.

Britain's finance ministry declined to comment on the Deliveroo IPO but said the country had "a long track record of attracting the best companies in the world".

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