DoorDash set to blow past IPO price in blockbuster debut

(Reuters) - Shares of DoorDash Inc were set for a blockbuster debut on Wednesday after the food delivery startup raised $3.37 billion in one of the biggest U.S.

Reuters December 10, 2020 00:05:33 IST
DoorDash set to blow past IPO price in blockbuster debut

DoorDash set to blow past IPO price in blockbuster debut

(Reuters) - Shares of DoorDash Inc were set for a blockbuster debut on Wednesday after the food delivery startup raised $3.37 billion in one of the biggest U.S. stock market launches so far in 2020.

At 12:00 p.m. ET, the company's shares were indicated to open between $195 and $200, significantly above its upwardly revised initial public offering price of $102 apiece.

If gains hold, DoorDash's market capitalization would be around $63.5 billion at the top end of the indicated range.

The indicated jump mirrors that of Warren Buffett-backed Snowflake Inc, whose shares more than doubled in their New York Stock Exchange debut in September.

The listing gains bode well for home rental startup Airbnb Inc, which is scheduled to make a highly-anticipated market debut on Thursday.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sriraj Kalluvila and Anil D'Silva)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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