Finance History | 11 Wall Street — One Hundred Two on the Tape, One Hundred Eighty-Nine at the Close
· 2020-12
Unreviewed contributionBy kevin · · Report an issue
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Finance History | 11 Wall Street — One Hundred Two on the Tape, One Hundred Eighty-Nine at the Close
kevin
People treat DoorDash as a San Francisco logistics house that always printed DASH after a profitable delivery book was already in place.
The 2020 issuer was still posting a net loss on a pandemic order spike.
A company release dated 8 December 2020 priced 33,000,000 Class A shares at 102.00 dollars a share. Trading was set to begin on 9 December 2020 on the New York Stock Exchange under DASH. Goldman Sachs and J.P. Morgan were lead book-runners. Closing was expected on 11 December 2020.
At the offer price the company raised about 3.37 billion dollars in 2020 currency before expenses. CNBC recorded an opening print of 182 dollars and a close of 189.51 dollars on 9 December 2020. The New York Times recorded the same close, 86 percent above the 102 dollar offer.
The S-1 period figures cited in contemporaneous coverage put nine-month 2020 revenue at 1.9 billion dollars, against 587 million dollars a year earlier, and a nine-month net loss of 149 million dollars.
The mechanism is a dual-class growth IPO. Holders bought Class A paper in a still-unprofitable logistics network whose order count had tripled in a single year, not a restaurant chain with store-level cash flow.
The pin is the Broad Street facade of the Exchange, where DASH still prints. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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