BOLD FLAVOUR. Deliveroo is preparing a test of investors’ appetite. The Amazon.com-backed UK food delivery group on Monday said it would sell shares in its upcoming initial public offering at between 3.90 pounds and 4.60 pounds apiece, implying a market capitalisation of 7.6 billion pounds to 8.8 billion pounds ($10.5 billion to $12.2 billion). After deducting IPO proceeds of about 1 billion pounds, Deliveroo’s enterprise value at the top end of the range would be 6.6 times last year’s revenue. That’s ahead of $15 billion Anglo-Dutch group Just Eat Takeaway.com, which trades at 5.4 times, though well below faster-growing U.S. player DoorDash, which is valued at 13 times. Deliveroo’s faster growth could justify a premium to its local rival. The company said the total value of purchases on its platform in the United Kingdom, its largest market, rose 130% year-on-year in the first two months of 2021. Just Eat this month reported an 88% increase in orders. It remains to be seen whether Deliveroo can keep up the breakneck pace when restaurants reopen. (By Karen Kwok)