DoorDash Soars in IPO to $60 Billion Market Cap

© Reuters © Reuters

By Christiana Sciaudone — Doordash Inc (NYSE:DASH) is a smash hit. The food-delivery company opened trading at $182, a whopping 78% jump over the $102 at which it priced on Tuesday.

The company sold 33 million shares — originally marketed between $90 and $95 — on Tuesday to raise $3.37 billion in its initial public offering and now has a market value of about $60 billion.

DoorDash's IPO is the third-largest in the U.S. this year, topped only by Bill Ackman's $4 billion blank-check company and Snowflake Inc's (NYSE:SNOW) $3.86 billion offering.

The food delivery company competes with Uber (NYSE:UBER) Eats, GrubHub (NYSE:) and any number of smaller rivals. Our need to order breakfast, lunch and dinner has skyrocketed in 2020 with governments requiring citizens to hunker down at home and prevent the spread of the Covid-19 virus. The first vaccines have started to be given this week in the U.K., and the rest of the world is poised to catch up, at some point eliminating the need to order in.

Next up: Airbnb, which is set to price later today.

Original Article

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