DoorDash makes trading debut 78% above IPO price

• DoorDash commenced public trading on Wednesday, opening at $182, which was 78% above its initial-public-offering price.
• The food-delivery company raised roughly $3.4 billion with its IPO after pricing shares at $102 each on Tuesday.
• The IPO kicks off a slew of debuts expected in December, including offerings from Airbnb and ContextLogic, the parent company of Wish.
• DoorDash trades on the New York Stock Exchange under the ticker DASH.
• Watch DoorDash trade live here.

DoorDash commenced public trading on Wednesday, opening at $182, which was 78% above its initial-public-offering price. The stock is listed on the New York Stock Exchange.

The food-delivery company raised roughly $3.4 billion in its IPO, selling shares at $102 each. The final pricing exceeded its previously expected range of $90 to $95 per share and gave DoorDash a valuation of roughly $34.2 billion. That sum handily surpassed the $15 billion valuation it achieved in the private market earlier this year.

DoorDash's IPO is one of the year's biggest offerings and caps a historic year for public debuts. US listings have already raised a record $156 billion in 2020, according to Bloomberg data. Airbnb and ContextLogic, the parent company of Wish, are still poised to enter the market this month, with Airbnb set to begin trading on Thursday.

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Overwhelming investor demand had placed shares on track to open as high as $195. Its ultimate opening level of $182 was more than double the range of $75 to $85 that DoorDash expected to price shares at as recently as Thursday.

DoorDash's debut establishes it as the highest-valued food-delivery company. The firm trades under the ticker DASH.

While the coronavirus pandemic slashed sales across the US economy, stay-at-home orders helped DoorDash thrive. Third-quarter revenue leaped 268% from the year-ago period as more Americans turned to food-delivery services.

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The distribution of a coronavirus vaccine might cut down on deliveries, but soaring COVID-19 cases and reinstated lockdown measures stand to keep the company's hot streak alive into 2021.

DoorDash climbed as much as 92%, to $195.50, on Wednesday. Goldman Sachs and JPMorgan served as the IPO's lead underwriters.

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