Monday, January 18

DoorDash delivery guy targets valuation of at least $ 25 billion

(Photo: 123RF)

Food delivery service DoorDash wants to raise just over $ 2 billion when it floats on Wall Street next, which would value the company at least $ 25 billion, according to financial documents released Monday.

The young shoot, propelled to the front of the stage by the measures to restrict activity caused by the Covid-19 pandemic, plans to sell 33 million shares in a unit price range of between 75 and 85 dollars during this transaction.

The group could thus raise a total of $ 2.54 billion if it ended up selling these shares at the median price of $ 80 per unit, he calculated, according to the update of its initial filing filed with of the financial market policeman, the SEC.

DoorDash hopes to be valued between $ 25.4 billion and $ 27 billion, more than the $ 16 billion estimated during its last June round table.

The company, which claims 1 million delivery people, dubbed “Dashers”, and more than 18 million customers, starts the traditional tour of presentation of the company to investors on Monday.

It will be able to enter Wall Street on the New York Stock Exchange (NYSE) platform, under the stock symbol DASH, before Christmas.

The delivery of meals and groceries at home has reproduced the arrangements of other young tech startups in terms of governance.

DoorDash will offer three types of share class, a practice that will allow the boss, Tony Xu, also a co-founder, to maintain control – 69% of the voting rights.

The company reduced its losses, showing only a net deficit of $ 149 million from January to September, almost four times less than the same period in 2019 (-533 million).

DoorDash is number 1 in the delivery of groceries and home meals in the United States, with a market share of 49% in September, against 22% at Uber and 20% at GrubHub, according to the firm Second Measure.

She is part of a group including Airbnb, Roblox and Wish, which plans to enter Wall Street before the end of the year.

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