US Food Delivery Company Stock Price Soars 80% on First Day of Trading

DoorDash, Stock Price Soars on IPO Debut
Airbnb Also Poised for Successful Listing

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The stock price of the American food delivery service company DoorDash surged nearly 80% on its first day of listing.

DoorDash began trading on the New York Stock Exchange on the 9th (local time). As of 1:55 PM, the stock price was $178.00, up 75% from the confirmed offering price of $102. The opening price on that day was set at $182.

DoorDash confirmed the recent IPO boom in the stock market. Despite the initial planned offering price being revised from $75-$80 to $90-$95 due to large-scale capital inflow into DoorDash's stock offering, the final offering price was decided at $102, exceeding $100.

With the offering price soaring, the funds raised by DoorDash through the IPO increased to $3.37 billion. DoorDash's corporate value also soared from $39 billion before listing to $69 billion based on the opening price that day.

DoorDash is a beneficiary of the COVID-19 pandemic. As many restaurants switched to delivery orders, its sales surged.

DoorDash's IPO success is expected to continue with Airbnb, the accommodation sharing company scheduled to be listed the following day.

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