DoorDash is pricing its stock at $102 per share – well above its intended range of between $90 and $95 per share. The company will be listing its shares in New York today, Wednesday.
The food delivery company’s market valuation is expected to surge to about $32.4 billion following the debut. The IPO will make DoorDash the highest-valued food-delivery company on the New York Stock Exchange.
DoorDash’s expected market valuation doubles its $15 billion private valuation earlier in the year and almost ten times its $1.4 billion worth in 2018.
Since the pandemic, the company has seen massive growth in its business. During its latest quarter, the company reported a revenue increase of 268% to more than $879 million. Total order volumes for the first three quarters also increased from just $5.5 billion last year to over $16.5 billion this year.