DoorDash Dashes After Big Money
December IPO To Raise $2.8 Billion
Hot Food Delivery US Startup
San Francisco based startup DoorDash is expected to raise nearly $3 billion in a December IPO on the NYSE. That would double the value of the food delivery startup. DoorDash is expected to be one of the biggest IPO's of 2020.
COVID-19 Driving Restaurant Meal Take-Outs
COVID-19 has greatly accelerated demand for meal delivery services as people try to avoid going into restaurants and stores. That has driven up business for Door Dash, which is the biggest, 3rd party delivery service for restaurants in the US.
Millions of IPO Shares
DoorDash is pricing 33 million shares at between $75 and $85. At $85 per share that would give DoorDash a market cap of $27 billion. In June during a private fundraising round, the company was valued at $16 billion. DoorDash's backers include VC firm Sequoia Capital, Japan's Softbank and the Government of Singapore's Investment Corporation. DoorDash's competitors include Uber Eats, Grubhub among others.
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