- DoorDash files for an IPO listing on the New York Stock Exchange.
- The food delivery company reports £1.44 billion of revenue.
- DoorDash boasts over 18 million customers and 1 million delivery workers.
DoorDash revealed to have filed for an initial public offering (IPO) on Friday. The company wishes to trade on the NYSE under the stock ticker DASH. Learn more about the basics of an IPO.
In the nine months that concluded on 30th September, DoorDash said that it generated £1.44 billion of revenue. In the same period last year, its revenue was capped at a much lower £445.47 million. The food delivery service also said that its net loss contracted to £113.07 million in the nine months versus the year-ago figure of a much broader £404.49 million of net loss.
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DoorDash to offer three classes of shares
As of 30th September, the San Francisco-headquartered company had over 18 million customers and 1 million delivery workers. Its DashPass service, the company added, now has more than 5 million customers.
DoorDash plans on offering Class A, Class B, and Class C shares – with 1 vote per share, 20 votes per share, and no voting rights, respectively.
Compared to the rivals, Uber and GrubHub, DoorDash enjoys a greater market share in the United States. According to Second Measure (analytics firm), DoorDash’s meal delivery sales stood at 49% in September versus 22% for Uber and 20% for GrubHub.
Anglo-Dutch food delivery company, Just Eat Takeaway.com had said in a statement earlier this year in June, that it had entered a definitive agreement to acquire 100% of the shares of GrubHub. The transaction is expected to be completed in the first half of 2021.
DoorDash’s last private valuation was £12.14 billion
The last private valuation of DoorDash was £12.14 billion. The U.S. company has raised £1.90 billion and is expected to be one of the most anticipated listings of 2020. DoorDash also acknowledged in its filing on Friday that it has seen a massive surge in orders in recent months due to the Coronavirus pandemic that restricted people to their homes.
In the upcoming months, as the world pulls out of the impact of the COVID-19 crisis, the company expects, will weigh on total orders. DoorDash said:
“The circumstances that have accelerated the growth of our business stemming from the effects of the COVID-19 pandemic may not continue in the future, and we expect the growth rates in revenue, total orders, and market place GOV to decline in future periods.”
The Coronavirus pandemic has so far infected more than 10 million people in the U.S. and caused a little under a quarter-million deaths.