- DoorDash commenced public trading on Wednesday, opening at $182, which was 78% above its initial public offering price.
- The food-delivery company raised roughly $3.4 billion with its initial public offering after pricing shares at $102 each on Tuesday.
- The IPO kicks off a slew of debuts slated for December, including offerings from Airbnb and Wish-parent ContextLogic.
- DoorDash trades on the New York Stock Exchange under the ticker “DASH.”
- Watch DoorDash trade live here.
DoorDash commenced public trading on Wednesday, opening at $182, which was 78% above its initial public offering price. The stock is listed on the New York Stock Exchange.
The food-delivery company raised roughly $3.4 billion in its initial public offering, selling shares at $102 each. The final pricing exceeded its previously expected range of $90 to $95 per share, and gave DoorDash a valuation of roughly $34.2 billion. That sum handily surpasses the $15 billion valuation it achieved in the private market earlier this year.
DoorDash’s IPO marks one of the year’s biggest offerings and caps a historic year for public debuts. US listings already raised a record $156 billion in 2020, according to Bloomberg data. Airbnb and Wish-parent ContextLogic are still poised to enter the market this month, with the former set to begin trading on Thursday.
Overwhelming investor demand placed shares on track to open as high as $195 before trading began. Its ultimate opening level of $182 is more than double the $75 to $85 range DoorDash expected to price shares as recently as Thursday.
DoorDash’s debut establishes it as the highest-valued food-delivery company. The firm trades under the ticker “DASH.”
While the coronavirus slashed sales across the US economy, stay-at-home orders led DoorDash to thrive through the pandemic. Third-quarter revenue leaped 268% from the year-ago period as a larger portion of Americans turned to food delivery services.
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The distribution of a coronavirus vaccine might cut down on deliveries, but soaring COVID-19 cases and reinstated lockdown measures stand to keep the company’s hot streak alive into 2021.
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