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DoorDash plans to list 33 million shares at a price of between $ 75 and $ 85 per share.
The company will list its shares on the New York Stock Exchange under the symbol DASH. DoorDash released its first stock exchange filing with the Securities and Exchange Commission about two weeks ago.
DoorDash will offer three classes of shares with different voting and conversion shares. Class A common shares will grant the owners one vote per share. Class B shares will carry 20 votes per share, while class C shares will have no voting rights.
DoorDash reported revenue of $ 1.9 billion for the nine months ended September 30. As its revenue increased, DoorDash also reduced its net loss to $ 149 million over the same period in 2020. In 2019, DoorDash recorded a net loss of $ 533 million on the nine month period.
DoorDash is set to join its competitors GrubHub and Uber in the public market. DoorDash leads the market in the United States, with 49% of meal delivery sales in September, compared to 22% for Uber and 20% for GrubHub, according to analytics firm Second Measure.
The company is expected to make its public debut among a handful of other highly anticipated ventures. Airbnb, Roblox, and Wish are all slated to go public by the end of the year.
– CNBC’s Lauren Feiner contributed to this report.
Correction: This story has been updated with the correct valuation of DoorDash at the high end of the stock price range.
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