DoorDash IPO delivers big, shares soar 86%

Shares trade on the New York Stock Exchange under the ticker DASH

DoorDash Inc. shares closed up more than 85% Wednesday in their New York Stock Exchange debut.

Shares of the food-delivery company closed at $189.51 apiece after touching an intraday high of $195.50.

Strong investor demand caused DoorDash shares, which trade under the ticker DASH, to open at $182 after pricing at $102 the prior evening. Early indications suggested the stock would price between $90 and $95.

TickerSecurityLastChangeChange %
DASHDOORDASH INC.169.49+2.62+1.57%

INSIDE DOORDASH'S GROWING BUSINESS

CEO Tony Xu celebrated his company's NYSE debut tweeting, "Starting our next chapter..."

Wednesday’s initial public offering raised $3.37 billion, giving DoorDash an early valuation of over $60 billion on a fully-diluted basis. The IPO makes DoorDash the second-largest company to go public this year after Quicken Loans-parent Rocket Cos. debuted in July at $44 billion.

IPO FLOODGATES OPEN AS AIRBNB, DOORDASH PREP STOCK-MARKET DEBUTS

DoorDash saw its market share surge to nearly 50%, up from 33%, as more people used food delivery amid the COVID-19 pandemic. It competes with UberEats and GrubHub.

TickerSecurityLastChangeChange %
UBERUBER TECHNOLOGIES, INC.51.75+0.30+0.58%
GRUBGRUBHUB INC64.07+1.02+1.62%

The company reported third-quarter revenue rose 268% from a year ago to $879 million. Order volume through the first nine months of the year increased to $16.5 billion from $5.5 billion.

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