REUTERS -Shares of DoorDash Inc soared nearly 80per cent in their debut, valuing the food delivery startup at US$68.4 billion in one of the biggest U.S. stock market launches so far in 2020 and underscoring strong investor appetite for technology companies.
Shares opened at US$182 on the New York Stock Exchange, significantly above the initial public offering price of US$102 apiece. They rose as much as 92per cent to touch a high of US$195.50 in trading right after debut.DoorDash, the biggest U.S. third-party delivery company for restaurants, had priced its offering of 33 million shares above its already raised range of US$90 to US$95 apiece. It had earlier targeted a price range of between US$75 and US$85 per share.
The IPO gives DoorDash a fully diluted valuation - which includes securities such as options and restricted stock units - of US$68.4 billion, far higher than the US$16 billion it commanded in a June private fundraising round.The listing gains bode well for home rental startup Airbnb Inc, which is scheduled to make a highly-anticipated market debut on Thursday.
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