OPEN APP
Home >Markets >Stock Markets >DoorDash aims for up to $27 billion valuation in IPO

DoorDash aims for up to $27 billion valuation in IPO

FILE - The DoorDash app is shown on a smartphone on Thursday, Feb. 27, 2020 in New York.  DoorDash Inc. is planning to sell its stock to the public, capitalizing on the growing trend of consumers embracing app-based deliveries as much of the world stays home during the pandemic. The company filed papers signaling its intent for initial public offering Friday, Nov. 13.  (AP Photo) (AP)Premium
FILE - The DoorDash app is shown on a smartphone on Thursday, Feb. 27, 2020 in New York. DoorDash Inc. is planning to sell its stock to the public, capitalizing on the growing trend of consumers embracing app-based deliveries as much of the world stays home during the pandemic. The company filed papers signaling its intent for initial public offering Friday, Nov. 13. (AP Photo) (AP)

SoftBank-backed DoorDash plans to sell 33 million shares priced between $75 and $85 apiece

BENGALURU : Food delivery startup DoorDash Inc is aiming to raise up to $2.8 billion at a valuation of $27 billion in its initial public offering, setting the stage for one of the most high-profile stock market debuts of the year.

SoftBank-backed DoorDash plans to sell 33 million shares priced between $75 and $85 apiece, it said in a regulatory filing on Monday, as it looks to take advantage of a boom in US capital markets.

DoorDash and rivals Uber Eats, GrubHub Inc and Postmates Inc have benefited from a surge in demand for food delivery services due to widespread COVID-19 lockdowns.

The company reported a surge in revenue growth in 2020 and a quarterly profit for the first time, it said in an IPO filing earlier this month.

DoorDash's listing adds to a blockbuster year for IPOs, as companies capitalize on a stock market rally in the second half of the year, fueled by stimulus money as well as increasing hopes of an effective vaccine to end the pandemic.

Silicon Valley-based Doordash, which plans to list on the New York Stock Exchange under the ticker 'DASH', had confidentially filed for an IPO in February.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout