As a result, its market cap will be between £7.6 billion and £7.8 billion.
Deliveroo said it will price shares for its stock market listing towards the bottom of its planned range.
The Amazon-backed firm now expects to be valued at between £7.6 billion and £7.85 billion, instead of its original price range that indicated it could be valued at up to £8.8 billion.
It said it had chosen the lower price due to "volatile" market conditions.
"Deliveroo has received very significant demand from institutions across the globe," it said in a statement.
It added that the deal is covered multiple times throughout the range, "led by three highly respected anchor investors".
Deliveroo, PizzaExpress widen delivery partnership
Deliveroo recently renewed its national delivery partnership with PizzaExpress for the next two years in the UK.
The pizza chain first partnered with the platform five years ago and currently offers delivery from 105 UK towns and cities.
Under the new partnership, 290 PizzaExpress restaurants will be available on Deliveroo.
PizzaExpress is also adopting Deliveroo’s new ‘Signature’ service to enable customers to order delivery directly via the PizzaExpress website and social channels.
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