DoorDash Shares Surge in Market Debut
DoorDash shares surged more than 80 percent on Wednesday its market debut on the New York Stock Exchange, according to CNBC.
On Tuesday night, the company announced that it was pricing its shares at $102 which gave the company a $38 billion market capitalization. This figure was above its initial range of $90 to $95. When shares opened to the public for trading at $182, the market cap of the company was almost $58 billion. The company is trading under the ticker "DASH"
DoorDash was founded in 2013 and becomes the third major food delivery company to go public, joining GrubHub and Uber. Food delivery has surged amid the coronavirus pandemic so it seemed like a perfect time for DoorDash to capitalize and go public.
According to DoorDash's IPO filing, net revenue for the nine months ended September 30 came in at $1.9 billion. During the same period last year, the company only brought in $587 million. However, the company is still operating at a net loss of $149 million which decreased from $533 million in the year prior.
Goldman Sachs and JPMorgan lead the IPO process for DoorDash. SoftBank is the largest shareholder in the company with 20 percent of the shares.