DoorDash’s stock soared 85% above its IPO price in its Wall Street debut Wednesday, marking the culmination of a year that has seen delivery companies benefit greatly from skyrocketing demand for their services during the pandemic.
DoorDash (DASH) opened at $182 per share, valuing the company at around $70 billion, or almost as much as FedEx. The company had priced its stock at $102 per share late Tuesday, up from its original proposed price range of between $75 to $85, a signal of strong investor demand. DoorDash shares finished the day at nearly $190.
The company, which was launched seven years ago by a group of Stanford students to help businesses in Palo Alto offer delivery, has become a lifeline for many restaurants and merchants across the country. Now, the country’s biggest food delivery app is riding the wave of pandemic-fueled demand to Wall Street.
Source: CNN
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