With Amazon’s backing, Deliveroo is on track for a multi-billion IPO.

With the COVID-19 pandemic keeping people all over the world confined to their homes for the past year, food delivery services like Uber Eats and Postmates have become a borderline necessity. This is no less true over in the UK, as British delivery service Deliveroo saw a 64.3% rise in revenue in 2020 thanks to their increase in use. Deliveroo has announced plans to take their business public, and with that ubiquity, combined with powerful backing from Amazon, they are poised to set a new IPO record.

This morning, Deliveroo set their price range for their upcoming IPO between 3.90 and 4.60 pounds per share. This translates to a market value of 7.6 to 8.8 billion pounds which, at current exchange rates, translates to a massive $12 billion. If their IPO goes through at that valuation, it’ll set a new British IPO record, beating out the previous record holder, Glencore, which went public back in 2011.

“We have seen a strong start to 2021 and we are only at the start of an exciting journey in a large, fast-growing online food delivery market, with a huge opportunity ahead,” Deliveroo founder and chief executive Will Shu said in a statement.

Deliveroo sets a price range of between £3.90 and £4.60 per share for its upcoming IPO. That would value the company at £8.8 billion (over $12 billion) at the top of the range. Details: https://t.co/jYRuJiB7hI

— Ryan Browne (@Ryan_Browne_) March 22, 2021

The burning question that could affect Deliveroo’s profitability down the line is whether or not their ubiquity will be maintained once COVID-19 vaccinations reach sufficient saturation. After all, prior to COVID lockdowns, the company suffered losses of 223.7 million pounds.

“Deliveroo has clearly had a Covid boost,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. “Although this insatiable demand for takeout food isn’t likely to fully unravel, there is inevitably going to be a drop in demand as diners seize the opportunity to book tables at their favourite eateries when restrictions do ease.”