Food delivery app DoorDash, which started trading today on the New York Stock Exchange (NYSE), saw its shares surge 80% to $182 per share to reach a market cap of $57.8 billion. The company had initially priced its stock at $102 per share (via CNBC).
Trading under the symbol “DASH,” DoorDash had reported $1.9 billion in revenue for the nine months ended Sept. 30, according to its IPO filing. After its initial pop, investors are valuing the company, on a revenue basis, at about twice as high as Uber.
Goldman Sachs and J.P. Morgan are the lead underwriters for DASH, while SoftBank is the largest shareholder with about 20% stake, followed by Sequoia, which owns 16%.
DoorDash is trading at just over 16 times revenue, if you project the latest quarter out over a full year, while Uber is trading just under 8 times sales.
As its revenue grew, DoorDash also narrowed its net loss to $149 million over the same period in 2020. In 2019, DoorDash had a net loss of $533 million over the nine-month period.
Meanwhile, AirBnb is also set to go public later this week.