Food delivery start-up DoorDash said on Friday it expects to raise up to $3.14 billion in the U.S. initial public offering (IPO), according to Yahoo! finance. The company, the biggest U.S. third-party delivery service, plans to sell 33 million shares at the price range of $90 to $95 apiece, above the earlier targeted price of $75 to $85 per share.
- DoorDash and rival UberEats, Grubhub Inc. and Postmates Inc. have benefited from demand surges in food delivery due to the widespread COVID-19 restrictions.
- DoorDash was founded in 2014 and is backed by the Vision Fund managed by Japanese tech giant SoftBank, Sequoia Capital, and the Government of Singapore Investment Corp (GIC)
- DoorDash will list on the New York Stock Exchange under the ticker “DASH” this month.
Once listed, DoorDash’s market capitalization at the top end of the range would be about $30 billion.
