A DoorDash Inc. delivery person places an order into an insulated bag at Chef Geoff’s restaurant in Washington, D.C.
Andrew Harrer | Bloomberg | Getty Images
Leading food delivery app DoorDash is looking to raise up to $2.8 billion in its IPO, giving it a valuation of up to $30 billion on a fully diluted basis, the company revealed in a new filing Monday. Its last private valuation was $16 billion.
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 is set to join competitors GrubHub and Uber on the public market. DoorDash has the lead in U.S. market share among them, with 49% of meal delivery sales in September compared with Uber’s 22% and GrubHub’s 20%, according to analytics firm Second Measure.
This is a developing story. Please check back for updates.