DoorDash commenced public trading on Wednesday, raising roughly $3.4 billion, opening at $182, which was 80% above its initial-public-offering price.
The food-delivery company listed on the New York Stock Exchange with its final pricing exceeding its previously expected range of $90 to $95 per share. Earlier this year, DoorDash was valued at about $15 billion. Now, as a publicly-traded company, its valuation is around $60 billion, according to CNBC.
DoorDash’s debut establishes it as the highest-valued food-delivery company. Goldman Sachs and JPMorgan were the lead underwriters for the offering, while SoftBank is the largest shareholder with about a 20% stake, followed by Sequoia, which owns 16%.
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