 Okay, very good morning. It's March 31st and we just had Deliveroo debut on the London Sock Exchange and they're down as much as 30%, 3-0. So Eddie, what's going on with Deliveroo? Yeah, nice to be on with you again, Ant, frequent occurrence nowadays. But yeah, funnily enough, I actually ordered something from Deliveroo last night. So very interesting to see them IPOing today in London as well. So it's a big coup for London where usually you see these big tech IPOs in New York and Hong Kong, Shanghai. So it's a big testament to Rishi trying to attract some UK and European based startups really, well Deliveroo is not a startup but tech companies to IPO here. But unfortunately, they were down as much as 30% this morning in opening trade. So not a great debut from them. They do face really stiff competition really, from Uber Eats, Just Eat, and then some niche grocery apps, gorillas get here, etc. But yeah, they actually priced at the very lower end of their range and this was revised anyway. So it's not looking good, basically shows that the bankers, and this is Goldman, JP, Bank of America, Citi, Jefferies, they were the joint book runners on the steel. They've priced it seemingly too aggressively for investor appetite. Yeah, I think I was reading Stout, I was just trying to find it. I think there's been five in London IPOs so far this year and this is the first one that's really flopped like this. Yeah, I think some commentators this morning are talking about like this is not a good sign for London and this is why I shouldn't IPO in London. I don't really think that's the case. I think, I don't know if you remember, I think it was you and I had the conversation about Airbnb and then I can't remember the food delivery service that IPO'd just in America. But you were saying should you invest in either of those? And I'm saying, I prefer an Airbnb to that delivery company just because look where we are. We're in a COVID pandemic or hopefully we're emerging out of it, but this is really the best they're going to get. Everyone's at home, ordering foods, you can't go to restaurants and like we've talked about, you've got this wall of money, especially in the service sector, savings have been increasing dramatically and we're ready to go. We're ready to go to these restaurants, we're ready to spend money, we're ready to go back to the office in some capacity and order from Tesco's or the little food deliveries will go and walk there right in the city of London, whereas now you want dinner, you want lunch, you're going to just order it on your phone. So I don't think it's true. One thing that I just wanted to like longer term behaviorally, I mean one thing the pandemic, I think you're right, I think there's definitely pent up savings, there's going to be spend and people are just eager to have that physical kind of environment again, but one thing is that people have really consumed, let's say, that immediacy of what Amazon Prime gives you, let's say, and our consumers now going because when I went to Sainsbury's the other day, this delivery of a big fat sticker on the front and it's like, hang about, so I don't even need to wait for a card or wait for whatever to Tesco to deliver over booking a slot, I just get my shopping, Deliveroo can deliver it from a major supermarket. Is that a longer term? Do you think there's any shift behaviorally in that way given people's appetite for like now kind of consumption? Yeah, absolutely. I think there's definitely, I think Amazon has ruined the whole world, right, that everyone expects, you know, minute by minute action basically, but that doesn't necessarily mean this is a good investment, right? This is that's a secular trend and that will continue to be the case, but actually in this industry, you know, they don't make a lot of money doing that and the margins are kind of razor thin from food delivery. So it's really, where do I see this going in the future and some big firms have made big acquisitions is kind of robotics automation in the sense of restaurants not having chefs, they have robots that then get picked up and then deliver. That's a big one to the food industry. Yeah, well, it's the reality, you know, if a robot can do it and do it quickly. That's like saying can a robot make classical music or paint final? It can, but is it the same? Yeah, well, there's always going to be that fragmentation, right? There's going to be Michelin star where you're going to want the chefs, but everything else, do you really want it? But okay, so back to the kind of IPO in terms of why is this flopping? Basically, it priced it very aggressively. Tech company is common. The comps, you know, they I think they were trading at five to six times revenue again, another company that doesn't make any profits. So they have to be valued on revenue. And this was actually greater than peers. So just eat and things like that. So again, it was richly priced from a revenue time spaces, their loss making. So they reported a 225 million pre tax loss for 2020. So put that in context. That's a worldwide pandemic, the best conditions you're ever going to get. With that being said, they've got a lot of fixed costs going on. And that is, you know, that is the fixed cost growth is forecasted to slow. So that, you know, they need, like with any company you need to set up obviously in the fixed costs there are eroding the revenues to a negative profit. But again, this comes, you know, a gig worker economy type basis. So we saw Uber as well kind of enrolled in this. So at the moment, they don't classify their riders, their drivers as employees, right? And the IWGB British Union representing gig economy workers. So there's going to be a strike on April 7. And I know Aviva, Rathbone's legal in general, they were citing delivers lack of profitability, reputation, financial risk. But it's all it all really comes down to the fact that if these contractors are workers rather than kind of contractors, and there's going to be have to be a minimum wage employee protection. Is there any parallel here with Uber in the way that they had their worker right issues? I mean, but when they Uber, they do they dumps at the open at the time? I mean, is there any any comparisons there for workers rights? Yeah, definitely. I think look, we've moved to this gig economy where everyone's kind of a contractor, right? A freelancer and they work and for these various big tech companies, where they're kind of predominantly it's a technology company. And then there's kind of little people running around doing the day to day. But this is going to be common for every kind of gig economy. And there's going to be increasing political scrutiny on this kind of say on this kind of issue. So this is probably why investors have been a little bit nervous in terms of they priced the low end of their IPO range. Range. So this means that the invested demand running up in the actual roadshow and the book building process wasn't quite there. Funnily enough, I've actually got my day job. I'm running a big IPO session with a very solid business school ESCP today. And we're going to be discussing the management roadshow, the book building process. So really looking forward to that. And obviously, this delivery IPO comes at a great time. I mean, we'll finally to wrap this up then. What is the consequence for these guys who ran the book? I mean, is it is it? I mean, how does it work? Because I don't know, this is not the area that I work in and my career's been in. So they have one very missed, let's call it managed a missed price valuation. Does that then mean that that's a no go then for future for future that other companies coming to IPO prices? Or is it just written off as some reason that they can explain away? Or how has that managed on the firm side? Yeah, we're still, although it dumped 30%, that's a lot of price discovery. That's the macro context, right? Yeah, in terms of the market sentiment, short and weak, all those different types of things. Likely, there's going to be no consequences for the bankers involved in this. It doesn't, you know, similar to past IPOs, you really need to see the kind of price discovery over the three months, six months, etc. But again, you know, this may actually now in my opinion look again, aggressively priced if we all go back to restaurants, they get hit on demand. So in terms of them pricing it to aggressively, nothing's going to be, they're not going to be challenged on this too much. And that's really the case. And this is why a lot of technology companies and real just target companies have been going public via SPACs, right, to avoid this whole process. And, you know, who knows if they went public via a SPAC quickly, because that's an advantage of a SPAC, that kind of the reverse merger process happens very rapidly. Whereas, you know, the old fashioned IPO where investors actually care about financials, and there's a lot of due diligence, kind of boring now, that takes a long time. So if they kind of went public via a SPAC last year, in the COVID pandemic, obviously investors and retail, you know, etc. would be like, wow, this is a great company. You know, this is the pandemic, six months too late, or 12 months too late, potentially. So nothing will happen to the bankers and that relationship there. Let's just get this straight. The CEO is going to be a very rich man regardless. But you actually, you know, it dumped on the first day of trading, but this may be, you know, the macro environment and actually the trading conditions today, this week, this month. But really, you can't determine until maybe three months, six months, you do need to give the discovery process, you know, some time to breathe, really. Okay, well, great. Look, I know you're busy. I know you're learning that IPO sim later. So good update. And yeah, it seems like we're doing this on a daily basis from now on. Great. Yeah, sounds good. Cheers, Eddie. Thanks.