Deliveroo is set to price its imminent float at the bottom of the range due to investor concerns over the pay and working conditions of its riders.
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.
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