DoorDash sets terms for IPO

Leading food delivery app DoorDash is looking to raise up to $2.8 billion in its IPO, giving it a valuation of up to…

$32 billion on a fully diluted basis, the company revealed in a new filing Monday. Its last private valuation was $16 billion as of June.

DoorDash plans to list 33 million shares at a price 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 filing to go public with the Securities and Exchange Commission about two weeks ago.

DoorDash will offer three classes of stock with different voting and conversion shares. Class A common stock will grant owners one vote per share. Class B shares will come with 20 votes per share, while Class C shares will have no voting rights.

DoorDash reported $1.9 billion in revenue for the nine months ended Sept. 30. That’s up from $587 million during the same period last year. As its revenue grew, DoorDash also narrowed its net loss to $149 million over the same period in 2020. In 2019, DoorDash had a net loss of $533 million over the nine-month period.

DoorDash is set to join competitors GrubHub and Uber on the public market. DoorDash has…

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