Food-delivery app DoorDash is poised to raise up to $2.8 billion in its initial public offering, according to a new filing made Monday. Its valuation is expected to grow to $30 billion, CNBC reported. Its last valuation, as of June, was $16 billion.
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The San Francisco-based company intends to list 33 million shares priced between $75 and $85 each.
DoorDash filed for an IPO approximately two weeks ago and will list its shares on the New York Stock Exchange under the ticker symbol DASH. The company is expected to begin trading on Wednesday, according to IPO Scoop.
The company posted $885 million in revenue for 2019, up from $291 million in 2018. For the nine months ended Sept. 30, 2020, DoorDash generated $1.9 billion in revenue, up from $587 million for the same period in 2019.
Meanwhile, the company reported net losses of $667 million for the year 2019 and $149 million for the nine-month period ended Sept. 30, 2020. That compared to net losses of $504 million and $203 million, respectively, reported for in 2018 and the same nine-month period in 2019.
The company joins competitors GrubHub and Uber in what has been a crowded year for IPOs. Airbnb filed its S-1 just after DoorDash, followed closely by Affirm, Roblox and Wish. All are expected to go public by the end of the year.
Illustration: Dom Guzman
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