DoorDash IPO filing shows surging revenue growth

Video Credit: Reuters - Politics
Published on November 13, 2020 - Duration: 01:30s

DoorDash IPO filing shows surging revenue growth

DoorDash, the U.S. food delivery startup backed by SoftBank Group, made public on Friday its regulatory filing for a listing on the New York Stock Exchange, setting the stage for a blockbuster IPO before the end of the year.

Fred Katayama reports.

DoorDash IPO filing shows surging revenue growth

Get set for another blockbuster IPO this year.

DoorDash unveiled the details of its initial public offering filing Friday with some appetizing numbers for investors.

The food delivery startup produced a profit for the first time in its history in the second quarter - some $23 million.

And its revenue for the first nine months of the year more than tripled to just under $2 billion.

It’s set to list on the New York Stock Exchange before the end of the year.

Demand for DoorDash’s food delivery services has mushroomed as the health crisis continues to keep people at home.

It has grown into the U.S.’ largest third-party delivery company for restaurants.

Backed by SoftBank, DoorDash boasts $1.6 billion in cash and a $300 million credit facility that’s set to rise to $400 million after its IPO.

The company was privately valued at about $16 billion back in June.

Its move to go public comes right after California voters backed a ballot proposal by Uber and its allies that cemented the status of app-based food delivery and ride-hail drivers as independent contractors, not employees.

Its filing comes in a busy year for big IPOs.

Home rental giant Airbnb, e-commerce firm Wish and lending startup Affirm are lined up to go public in December.

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