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
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 
