News

Investors make a mad dash for DoorDash stock after IPO and NYSE debut

DoorDash, the food delivery app that’s used to ringing doorbells with lunch orders for customers, rang its IPO bell on the New York Stock Exchange on Wednesday.

The offering, which was the first of two highly anticipated market debuts this week for tech companies impacted by the coronavirus pandemic, made headlines on Tuesday when it priced its shares at $102 apiece, above its expected range of $90 to $95. The stock soared nearly 80% on its debut today, opening at $182 per share.

In late trading on Wednesday, the share price was hovering around $189.

DoorDash is one of a slew of delivery apps that saw tremendous growth during the pandemic, as restaurants shut down indoor dining and stay-at-home orders proliferated. Over the past few months, the San Francisco-based company has emerged as the leading food delivery service by market share, and its opening puts its valuation at nearly $70 billion, greater than those of Chipotle, Domino’s, and Dunkin combined.

MORE

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s