DoorDash has benefited from booming demand for delivered meals fueled by the pandemic, as well as investor exuberance over new stock quotes, as it continues its IPO. Revenue for the first nine months of the year more than tripled and its net loss declined from the previous year due to an increase in new customers, the company said on the file.
In the middle of the range, DoorDash plans to raise around $ 2.96 billion after deducting expenses from the IPO. The company said it plans to use the proceeds as working capital and may devote some of it to acquiring other companies or technologies. However, the company said it had no commitments for “significant acquisitions or investments.”
The companies have raised more than $ 320 billion through IPOs this year, up from around $ 195 billion at the same time last year, according to data compiled by Bloomberg. Several more IPOs are expected before the end of the year, as companies that postponed their listing plans at the start of the Covid-19 pandemic regain the confidence to put their shares on the public market.
The DoorDash offering is led by Goldman Sachs and JPMorgan Chase, with Barclays, Deutsche Bank, RBC Capital Markets and UBS also on the deal. The startup plans to list its shares under the symbol DASH.