Food delivery app DoorDash launched an IPO, seeking to raise as much as $2.8 billion as it looks to cash in on a boom stemming from Covid-19 (coronavirus)-related lockdowns.
In a statement, the company said it was offering 33 million shares on the New York Stock Exchange, with a proposed pricing between $75 and $85 apiece.
The company aims to cash in on soaring revenue growth in the opening nine months, with the figure up 226 per cent year-on-year to $1.9 billion.
In a filing with the US Securities and Exchange Commission, DoorDash said the app is currently available to users in the US, Canada and Australia. At end-September it had more than 18 million customers, in excess of 1 million delivery workers, and over 390,000 merchant partners, it stated in the SEC filing.
It also claimed to hold a 50 per cent share of the food delivery market in the US.
Bloomberg reported the company was seeking a valuation of up to $28 billion.Subscribe to our daily newsletter Back