EXTRA SAUCE. Deliveroo’s stock market offering is half-cooked. The British food delivery company on Monday formally announced its plans for a London listing, with figures showing that new customers and higher order frequency during the lockdown lifted revenue by 54% to 1.2 billion pounds last year. This helped operating losses shrink to 223 million pounds. On its own adjusted measure of EBITDA, Deliveroo was profitable for two quarters of 2020. The biggest question is whether sales subside as customers flock back to restaurants, especially in the United Kingdom and Ireland, which brought in half of Deliveroo’s revenue last year. Founder Will Shu’s supervoting shares, intense competition and the European crackdown on gig workers’ employment model may also affect investor appetite. Deliveroo’s last private funding round in January valued it at over $7 billion. On a multiple of 6 times last year’s revenue, slightly above rival Just Eat Takeaway.com, the company could be worth $10 billion including debt. However, it may need to add extra sauce to win over new shareholders. (By Karen Kwok)