<p>LONDON — Shares of app-based meal delivery service Deliveroo tumbled by as much as a third in their U.K. stock market debut on Wednesday. </p>
<p>The London-based company’s shares slid even after they were priced at the bottom of the potential range, reflecting investor wariness and broader market turbulence for tech-related stocks. </p>
<p>Demand was also hurt after a number of leading U.K. fund managers said they would abstain from investing amid concerns about working conditions for its delivery riders and its shareholder structure. </p>
<p>Shares in Deliveroo, which competes with Uber Eats and whose backers include Amazon, were down 30% at the start of trading from their offer price of 390 pence.</p>
<p>Still, Deliveroo’s initial public offering is one of the biggest in Europe so far this year. The company said it raised 1 billion pounds ($1.4 billion), with existing shareholders selling another 500 million pounds worth of shares, in a stock market listing that values the company at 7.6 billion pounds. </p>
<p>Deliveroo was founded by American ex-banker Will Shu and operates in a dozen countries in Europe and Asia. Every month more than 6 million customers order food from restaurants and shops through the Deliveroo app, according to its prospectus. </p>
<p>Bicycle and scooter riders lugging insulated bags in the company’s signature robin’s egg blue are ubiquitous on the streets of London. </p>
