SINGAPORE sovereign wealth fund GIC's stake in DoorDash is now valued at around US$5.04 billion after shares in the US-based food delivery company soared 85.8 per cent on its market debut.
GIC holds 8.37 per cent of the equity in DoorDash, following the company's initial public offering on the New York Stock Exchange. Based on DoorDash's IPO prospectus, GIC holds 26.6 million of Class A common stock that entitles it to one vote per share. Class B common stock, which is held by co-founders Tony Xu, Andy Fang and Stanley Tang, gives holders 20 votes per share and comprises 9.86 per cent of outstanding shares.
GIC had invested US$155.1 million across four late-stage financing rounds through its affiliate Greenview Investment, according to calculations bybased on disclosures in the IPO prospectus. The figure does not include any investments in DoorDash's earlier rounds. GIC first bought US$115.1 million in DoorDash's Series D redeemable convertible preferred stock, issued from March to May 2018. It then bought US$20 million of Series E convertible shares in August 2018, followed by US$10 million of Series F shares from Feb to May 2019 and another US$10 million of Series G shares from May to Nov 2019.