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Stock Market

Biggest online food delivery company makes debut at New York Stock Exchange

DoorDash has begun trading at the New York Stock Exchange, amid an era that has seen delivery firms gain significantly from skyrocketing demands.

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DoorDash, America's biggest food delivery app, DoorDash seeks for IPO approval

The biggest food-delivery company, DoorDash has just begun trading today at the New York Stock Exchange, amid an era that has seen delivery firms gain significantly from skyrocketing demand for their services during the COVID-19 pandemic.

DoorDash further disclosed it priced its stock at $102 per share, raising about $3.4 billion in its initial public offer putting the company’s value at $39 billion — more than twice its last private market value.

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Such price placed far higher than DoorDash’s original proposed price range of between $75 to $85 a share, as global investors showed significant history.

DoorDash leads the pack in the market share of the food delivery business in America with 49% of meal delivery sales in September compared to Uber’s 22% and GrubHub’s 20%, according to analytics firm Second Measure.

READ: America’s biggest food delivery app, DoorDash seeks for IPO approval

DoorDash has raised about $700 million through many financing rounds from leading investors including Y Combinator, SV Angel, Khosla Ventures, Sequoia Capital, SoftBank, Charles River Ventures, GIC, and Kleiner Perkins. As of June 2020, DoorDash’s valuation stood at about $16 billion.

In the era of COVID-19 were online services have reached a record high, DoorDash further disclosed it had stored a significant amount of gloves and bottles of hand sanitizers for its delivery drivers, and such products were offered to them with no charge

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What you must know

  • DoorDash Inc. is a U.S -demand prepared food delivery service, invented by Tony Xu, Stanley Tang, Andy Fang, and Evan Moore.
  • DoorDash uses logistics services via its internet platform in offering food delivery from restaurants on-demand.
  • DoorDash launched in Palo Alto and, as of May 2019, had expanded to more than 4,000 cities and offers a selection of 340,000 stores across the U.S., Canada, and Australia.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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