DoorDash IPO delivers big, opens at $182 per share
‘Don’t buy into the IPO hype’: New Constructs CEO
New Constructs CEO David Trainer provides insight into companies such as Airbnb and DoorDash going public.
DoorDash Inc. shares opened at $182 Wednesday in their opening trade on the New York Stock Exchange after indications were as high as $200.
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This is well above the initial pricing of $102 apiece on Tuesday evening. They were initially expected to price between $90 and $95 per share.
INSIDE DOORDASH'S GROWING BUSINESS
DoorDash shares trade under the ticker DASH on the New York Stock Exchange.
CEO Tony Xu, in a tweet, celebrated by saying "Starting our next chapter…"
Wednesday’s initial public offering raised $3.37 billion, giving DoorDash an early valuation of around $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.
|UBER||UBER TECHNOLOGIES INC.||53.80||+0.80||+1.51%|
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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