DoorDash, North America's largest online restaurant delivery service, raised the proposed deal size for its upcoming IPO on Friday.
The San Francisco, CA-based company now plans to raise $3.1 billion by offering 33 million shares at a price range of $90 to $95. The company had previously filed to offer the same number of shares at a range of $75 to $85. At the midpoint of the revised range, DoorDash will raise 16% more in proceeds than previously anticipated.
DoorDash enables local brick-and-mortar businesses to operate in an increasingly convenience-driven economy, primarily through its DoorDash Marketplace, which offers a broad array of services that enable merchants to solve mission-critical challenges such as customer acquisition, delivery, insights and analytics, merchandising, payment processing, and customer support. The company connects over 390,000 merchants, over 18 million consumers, and over 1 million Dashers in the US, Canada, and Australia.
DoorDash was founded in 2013 and booked $2.2 billion in revenue for the 12 months ended September 30, 2020. It plans to list on the NYSE under the symbol DASH. Goldman Sachs, J.P. Morgan, Barclays, Deutsche Bank, RBC Capital Markets and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of December 7, 2020.
