Delivery company planned to raise $3.4 billion as it revised pricing upward
DoorDash Inc., the online restaurant delivery service, made its debut on the New York Stock Exchange Wednesday, closing up more than 85% at $189.51 a share.
San Francisco-based DoorDash on Tuesday said it planned to raise $3.4 billion in an offering of 33 million shares at $102 each, up from its revised range of $90 to $95 a share.
The company had originally filed its initial public offering for the same number of shares at a range of $75 to $85. At pricing, DoorDash commands a fully diluted market value of about $38.2 billion, 28% higher than originally anticipated.
The company was trading under the ticker symbol DASH on the New York Stock Exchange.
The IPO marked a year that saw third-party delivery companies, including publicly traded Grubhub and Uber Inc.’s UberEats, benefit greatly from increased demand for the services amid the lockdowns, quarantines and other restrictions of the COVID-19 pandemic, which was declared in March.
Goldman Sachs & Co. LLC and J.P. Morgan were lead book-running managers for the offering.
DoorDash, founded in 2013, offers delivery services in more than 4,000 cities and all 50 states across the United States, Canada and Australia.
Update Dec. 9, 2020: This story was updated with the closing price.
Contact Ron Ruggless at [email protected]
Follow him on Twitter: @RonRuggless
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