DoorDash IPO Rises 85% on Day 1, Raised $3.3 billion
9th December 2020 | Hong Kong
DoorDash, one of America’s largest food delivery service alongside UberEats, has raised $3.37 billion at their IPO on New York Stock Exchange (NYSE), with shares rising 85.7% on first day of trading (8/12/20). DoorDash IPO price is $102, with the share price opening at $182 and closing at $189.51 on day 1 of trading. At closing, DoorDash has a market value of $60.2 billion.
” DoorDash IPO on New York Stock Exchange, Rises 85% on Day 1, Raised $3.37 billion “
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DoorDash is one of America’s largest food delivery service, and in other countries including Canada and Australia. In 2019, DoorDash reported revenue of $885 million. For the first 9 months in 2020, the company had reported revenue of $1.9 billion, and gross orders value of $16.5 billion on 543 million orders.
DoorDash was founded in 2012 by 4 students as a class project to build an app for small business. The website was called PaloAltoDelivery.com and in 2013, joined Y Combinator start-up accelerator and received $120,000 in seed capital. In 2013, they changed the name of the company. The founders of DoorDash are Tony Xu, Stanley Tang, Andy Fang and Evan Moore.
Tony Xu, CEO & co-founder
Tony Xu is the CEO and co-founder of Doordash. In an interview with CNBC, he shared as a Chinese immigrant, he had moved to United States in 1989 at the age of 5 years old. His mother worked 3 jobs a day for 12 years to earn her U.S. medical degree, and he had started working at a young age by washing dishes with her in the restaurant she worked. At the age of 9, he started a lawn-mowing business. His parents placed great importance on education, and saved money to send him to University of California, Berkeley (Bachelor) and Stanford University (MBA). With DoorDash share price rising 85% on day 1, Tony became a billionaire and his personal fortune is estimated to be around $3 billion.
DoorDash IPO original price target was $75 – $85 and subsequently increased to $90 – $95 before the final IPO pricing at $102, raising $3.37 billion. The underwriters for DoorDash IPO are Goldman Sachs and JP Morgan. Investors include SoftBank Vision Fund, Sequoia Capital, Greenview Investments (subsidiary of GIC)