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DoorDash Goes Public Following Delivery Surge

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Food delivery app DoorDash launched an IPO, seeking to raise as much as US$2.8 billion as it looks to cash in on a boom stemming from Covid-19 (coronavirus)-related lockdowns.

In a statement, the company said it was offering 33 million shares on the New York Stock Exchange, with a proposed pricing between US$75 and US$85 apiece.

The company aims to cash in on soaring revenue growth in the opening nine months, with the figure up 226 per cent year-on-year to US$1.9 billion.

In a filing with the US Securities and Exchange Commission, DoorDash said the app is currently available to users in the US, Canada and Australia. At end-September it had more than 18 million customers, in excess of 1 million delivery workers, and over 390,000 merchant partners, it stated in the SEC filing.

It also claimed to hold a 50 per cent share of the food delivery market in the US.

Bloomberg reported the company was seeking a valuation of up to US$28 billion.

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