Legal and General Investment Management told the Financial Times it is “unlikely to participate” in the initial public offering for the food-delivery business, adding to a growing number of large institutional investors that have raised concerns about the company’s proposed shareholder structure and treatment of workers. (Financial Times)

Talking point: The listing is expected to be the U.K.’s largest in a decade, but funds M&G, Aberdeen Standard Investments and Aviva Investors said they’ll be sitting it out. In addition to a proposed share structure that would give Deliveroo’s founder enhanced voting power, investors are concerned about the risk of regulators taking a closer look at the gig-economy model that has seen many of the company’s workers take home less than minimum wage, according to a study by the Bureau of Investigative Journalism and the Independent Workers’ Union of Great Britain. Instacart, another delivery app, has also faced concerns that its longstanding employee unrest may interfere with a successful IPO.