DoorDash Goes Forward with IPO, Files to List Stocks on NYSE
Along with DoorDash and Airbnb, online discount retailer Wish Inc. and installment loan provider Affirm Inc. are expected to complete IPOs by the end of the year, people familiar with their plans said.
The listing also comes amid a consolidation of the food delivery industry as players seek to gain market share. In July, Uber Technologies Inc. agreed to pay $ 2.65 billion in a takeover of Postmates Inc. Just Eat Takeaway.com NV in Europe reached an agreement in June to acquire Grubhub Inc., which then announced in October a partnership with Lyft Inc.
DoorDash listed intense competition from rivals as one of the main risk factors in its IPO filing. Its enrollment plans, as well as the entire application-based services industry, received a boost this month, when California voters approved a voting measure overturning a state law requiring them. businesses in the economy to treat their drivers more like employees than contractors.
DoorDash reported a net loss of $ 149 million in the nine months to September, on revenue of $ 1.9 billion, according to the prospectus. In the same period a year earlier, his net loss was $ 533 million on revenue of $ 587 million.
The offering is led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., along with Barclays Plc, Deutsche Bank AG, RBC Capital Markets and UBS Group AG. San Francisco-based DoorDash seeks to list its shares on the New York Stock Exchange under the symbol “DASH”.