DoorDash falls 9% after its stock price nearly doubles in first day of trading

• DoorDash slid as much as 8.8% on Thursday as investors secured gains from the stock's post-IPO pop.
• The food-delivery company surged 86% above its offering price on Wednesday as trading of its shares kicked off.
• While shares touched an intraday high of $195.50 in the firm's trading debut, Thursday's selling dragged the stock price below its Wednesday opening level of $182.
• DoorDash raised $3.4 billion by selling shares at $102 each.
• Watch DoorDash trade live here.

DoorDash fell as much as 8.8% on Thursday, paring some of the massive gains seen in its first day of public trading.

The food-delivery company leaped 86% above its initial-public-offering price after the stock made its debut on the New York Stock Exchange on Wednesday. DoorDash raised $3.4 billion by selling shares at $102 each. The stock opened at $182 Wednesday afternoon and reached an intraday high of $195.50.

Shares slid below their Wednesday opening level before markets opened on Thursday, signaling investors who took in hefty profits from the IPO pop moved quickly to lock in gains.

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Even with the company's mild Thursday drop, DoorDash still boasts a market cap of roughly $52 billion. That handily exceeds the $15 billion valuation it achieved in the private market earlier this year.

Some of the market's bullishness was linked to the firm's outperformance throughout the coronavirus pandemic. DoorDash's third-quarter revenue grew 268% from the year-ago period as Americans increasingly moved to delivery services over eating out.

The company's post-IPO rally sets the stage for similar pops for upcoming debuts. Airbnb is set to begin trading on Thursday after raising $3.5 billion in its own offering. The company priced shares at $68 each, above the $56 to $60 range it forecasted on Monday.

ContextLogic - the parent company of Wish - and gaming platform Roblox are also slated to go public before the end of the year.

DoorDash traded at $176.25 as of 10:45 am ET on Thursday.

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