SeaPRwire
Read More

US food delivery giant DoorDash raises $4.5 billion in above-range IPO

elean
2 minutes

NEW YORK (BLOOMBERG) - DoorDash raised US$3.37 billion (S$4.5 billion) in an initial public offering (IPO) above its marketed range, according to people familiar with the matter. The San Francisco-based company sold 33 million shares on Tuesday (Dec 8) for US$102 each after marketing them for US$90 to US$95 each, said the people, who asked not to be identified because the information wasn't public yet. At that price, DoorDash has a fully diluted value of about US$38 billion, which includes employee stock options and restricted stock units. DoorDash's IPO is one of the largest US tech listings this year. The company is part of a cadre of consumer-facing, web-based businesses that are expected to go public in December - including home-rental platform Airbnb, which is set to price its IPO on Wednesday. Others include video-game company Roblox Corp, installment loans provider Affirm Holdings and ContextLogic, the parent of online discount retailer Wish. Food delivery start-up DoorDash has seized on the pandemic-fueled boom in demand for meals brought to your door, as well as investor exuberance over new stock listings as it moves ahead with its IPO. Revenue in the first nine months of ...

SeaPRwire
Read More

US food delivery giant DoorDash, with GIC among its investors, in $3.8b IPO

elean
3 minutes

NEW YORK (BLOOMBERG) - DoorDash, the biggest US food delivery company, is seeking to raise as much as US$2.8 billion (S$3.8 billion) in an initial public offering (IPO) that's part of an end-of-year US listings rush. The San Francisco-based company said in a filing on Monday (Nov 30) that it plans to sell 33 million shares for US$75 to US$85 each. At the top end of this range, the company could be valued at about US$32 billion. This valuation is an increase from when private investors valued DoorDash at about US$16 billion in June. The company's IPO price range could still change depending on demand for its stock on its roadshow with investors over the next week. After the listing, co-founder and chief executive officer Tony Xu will hold almost 42 per cent of DoorDash's Class B super-voting shares, which have 20 votes each. He also has voting control over the rest of the 20-vote shares, which are split between his co-founders, Stanley Tang and Andy Fang. They will control about 79 per cent of the voting power, according to the filing. SoftBank Group's Vision Fund will be the largest outside investor, with 25 per cent of the Class A shares. Venture capital firm Sequoia will own more...