DoorDash Sets Terms for Its Initial Public Offering Which Could Value Company at Over $27 Billion
SAN FRANCISCO, CA - With the food delivery market skyrocketing due to the ongoing pandemic, DoorDash continues to ride the rising wave as it has set the terms of its initial public offering (IPO), announcing that it is looking to raise up to $2.81 billion.
According to an article from MarketWatch, the app-based food delivery company is offering 33 million Class A shares as part of its IPO, expected to be priced between $75 and $85 per share. In total, the company will hold 286.3 million Class A Shares and 31.3 million Class B shares outstanding after the IPO, which would value DoorDash at up to $27 billion.
This valuation puts DoorDash above some of its competitors like Grubhub, which had a market capitalization of approximately $6.5 billion as of November 27.
DoorDash is expected to trade on the New York Stock Exchange (NYSE) under the ticker symbol “DASH.” The lead underwriters for the IPO are Goldman Sachs and J.P. Morgan.
What other moves will DoorDash and its competitors make to capitalize on the rise in the delivery market? Keep reading AndNowUKnow as we continue to bring you the answers to that question and more.