DoorDash Shares Expected to IPO at $102 Per Share
DoorDash Inc. shares are expected at around $102 per share in its initial public offering, according to the Wall Street Journal.
This price would make the market capitalization of DoorDash around $39 billion, using a fully diluted share count and including proceeds from the offering ($3.37 billion). Last week, the company stated that its target range was between $90 and $95.
Earlier this year, DoorDash was privately valued at around $15 billion. In 2018, the company was valued at $1.4 billion. The IPO market has been strong so far in 2020, with more than $140 billion having been raised on US exchanges. The previous record was set in 1999 during the dot-com boom.
DoorDash began its roadshow last week, investors seem to be intrigued by the company. So much interest was shown that the company boosted its price range from $75 to $85 a share. The excitement is largely attributed to the company's performance during the pandemic. In the quarter that ended in June, DoorDash reported a profit of $23 million on $675 million in revenue.
The next quarter's revenue increased to $879 million, but the company reported a net loss. Shares are set to open tomorrow morning on the New York Stock Exchange under the ticker DASH.