The takeaway delivery app is set to price its shares between 390p and 410p when it starts trading tomorrow, valuing the group at between £7.6bn and £7.86bn. 

That could be around £1bn down on the initial valuation Deliveroo sought when it announced its intention to float last week. 

The decision from Deliveroo comes after institutional investors such as Aviva, Legal & General, Aberdeen Standard and M&G all said they would not take part.