James Anderson, at Scottish Mortgage which backs takeaway delivery platforms, is “lukewarm” about Deliveroo because of its focus on slower-growing markets and over-reliance on London.
He said: “I think their model is successful in the unusual economics of London and it’s much more difficult to spread elsewhere.” M&G said the reliance on gig-economy workers made it a risk for investors.
But the Stock Exchange debut could be the biggest in a decade and see co-founder Will Shu, 41, net a fortune of £470million.
The company claimed the decision to opt for the lower end of the price range was unrelated to the criticism.
A spokesman said: “Given volatile global market conditions for IPOs, Deliveroo is choosing to price responsibly within the initial range and at an entry point that maximises long-term value for our new institutional and retail investors.”
There had been “significant demand from institutions across the globe”.