DoorDash’s 92% Jump Adds to Blistering Year for Unicorn IPOs
- Food delivery company reaches more than $70 billion valuation
- First-day pop makes DoorDash bigger than Lululemon, Ford Motor
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Shares of unprofitable food delivery platform DoorDash Inc. surged as much as 92% in their trading debut 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-fueled boom in demand for meals brought to your door, saw its shares climb as high as $195.50 in New York after raising $3.37 billion in its initial public offering. The first-day jump, the third biggest this year in the U.S. for a large IPO, gives DoorDash a market capitalization of $60 billion and a fully-diluted value of $71.3 billion -- higher than companies including Kraft Heinz Co., Lululemon Athletica Inc. and Ford Motor Co.