DoorDash shares soar 92% in market debut after IPO
The unprofitable food delivery platform’s market cap surges to $55bn and a fully diluted value of $66bn
New York — Shares of unprofitable food delivery platform DoorDash surged as much as 92% in their trading debut on Wednesday, in the latest sign of investor exuberance in what has already been a record year for IPOs.
DoorDash, which has seized on the pandemic-fuelled boom in demand for meals brought to your door, saw its shares climb as high as $195.50 in New York after raising $3.37bn in its initial public offering. The first-day jump, which if it holds would be the third biggest this year, gives DoorDash a market capitalisation of $55bn and a fully diluted value of $66bn — larger than companies including Kraft Heinz, Lululemon Athletica and Ford Motor...
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