Shares of delivery unicorn DoorDash rose quickly in its first day of trading Wednesday and ended up closing at $189.51, up 85 percent, and delivering an initial valuation of more than $72 billion.
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Shares topped $195 at one point, or just over 91 percent above its IPO price. The San Francisco-based company priced shares for its initial public offering at $102 each, above the projected range of $90 to $95. The company is trading on the New York Stock Exchange under the ticker DASH.
The food-delivery platform that connects customers with local and national businesses, has raised $2.5 billion in funding and is backed by investors including Durable Capital Partners, T. Rowe Price, Dragoneer Investment Group, Temasek Holdings, Coatue, DST Global and SoftBank Vision Fund, per Crunchbase.
Doordash’s revenue has soared this year as more consumers are having food delivered during the COVID-19 pandemic. The company reported $885 million in revenue for 2019, up from $291 million in 2018. For the nine months ended Sept. 30, 2020, it generated $1.9 billion in revenue, up from $587 million for the same period in 2019.
The company is one of several high-profile startups to go public this week. Enterprise artificial intelligence platform C3.ai also began trading Wednesday. And hospitality unicorn Airbnb is expected to begin trading Thursday, according to IPO Scoop.
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