DoorDash IPO delivers big, shares soar 86%
Shares trade on the New York Stock Exchange under the ticker DASH
FOX Business' Charlie Gasparino discusses DoorDash's debut on Wall Street and the Georgia runoff elections.
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DASH | DOORDASH INC. | 221.19 | -1.29 | -0.58% |
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 90.99 | +0.31 | +0.34% |
| GRUB | NO DATA AVAILABLE | - | - | - |
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.