After filing to go public last month, the food delivery company DoorDash has finally debuted on the public markets and saw its shares soar high on its first day of trading. DoorDash’s shares opened at $182 on the New York Stock Exchange (NYSE) after the company priced them at $102, and ended trading on Wednesday at $189.51 apiece, giving the company a market value of over $60 billion.

DoorDash raised $3.37 billion from its IPO, marking it as the third-largest IPO in the US this year, only beaten by the software company Snowflake and hedge fund tycoon Bill Ackman’s blank-check firm Pershing Square Tontine Holdings.

Investor sentiment for DoorDash is obviously high, given that its market value of about $60.2 billion is over 30x its revenue of $1.9 billion in the nine months ended September 2020. 

DoorDash has impressively grown from a scrappy startup founded at Stanford University to a company valued at over $60 billion in the span of just seven years. In the process, it’s scored lucrative monetary rewards for many of its backers, including the SoftBank Vision Fund which now holds a stake worth nearly $12 billion, and Sequoia Capital with a stake worth over $9 billion.

Likewise, DoorDash’s founders have also reaped big monetary rewards from the company’s IPO, with its CEO Tony Xu holding a stake of about 5% worth nearly $3 billion.

Photo: DoorDash CEO Tony Xu by Village Global, licensed under CC BY-NC-ND 2.0

Related;

• A Dig Into DoorDash’s Financials
• DoorDash Settles Suit With DC AG
• DoorDash Files To Go Public

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