The British food-delivery startup doesn't have the scalability of a bigger US tech company like Uber, one market analyst said.
Shu is thought to have made $36 million from Deliveroo's IPO after selling around 6.7 million shares at $5.35.
The food-delivery startup's float comes after a pandemic-related surge in business, as consumers flocked to takeaway food.
Most big UK asset managers will not invest in the Deliveroo IPO on Wednesday, citing worker's rights concerns. Shares will trade at low end of the target range.
Deliveroo is set to float on the London Stock Exchange on March 31.