DoorDash Inc, America’s largest food delivery firm, has raised the price for its initial public offering (IPO) once again just before its shares begin trading on the New York Stock Exchange on Wednesday morning.
According to reports, the firm has priced its IPO at US$102 per share, above the US$90-US$95 range announced last week which itself was raised from a previous range of US$75-US$85.
The company is expected to raise around US$3.4bn through the IPO, while the share pricing means it is expected to list with a market valuation of just over US$32bn.
The expected IPO market cap is also massively ahead of a previous US$16bn valuation in June.
The company filed its IPO prospectus in November as the onset of the coronavirus (COVID-19) pandemic led to a boom in sales over the year, with revenues for the first nine months of the firm’s current financial year more than tripling to US$1.9bn from US$587mln in the prior year.
DoorDash seems to be looking to ride a wave of investor optimism following the announcement of several vaccines for COVID-19 to cash in from its float, with online room rental platform Airbnb also pushing ahead with plans to list on Thursday, which could see it raise as much as US$3.4bn.