DoorDash Inc. boosted the price target for its planned IPO Friday as the biggest U.S. food delivery group looks to raise around $3.1 billion from its listing on the New York Stock Exchange.
DoorDash said in an amended S-1 filing Securities and Exchange Commission that it will price 33 million Class A shares, which will be listed on the New York Stock Exchange under ticker symbol DASH, at between $90 and $95 per share, compared to its earlier estimate of between $75 and $85 per share.
At the higher end of the price target, DoorDash would be valued at around $35.7 billion.
"DoorDash is much more than an application that connects merchants, consumers, and Dashers by facilitating delivery, founder and CEO Tony Xu said in a statement. "We provide a broad array of services that enable merchants to solve mission-critical challenges such as customer acquisition, delivery, insights and analytics, merchandising, payment processing, and customer support, and to fulfill demand generated through their own channels. This is just the beginning—we strive to become a merchant’s first call when they want to grow their business."
DoorDash, which is backed by Japan's SoftBank Group, first filed its intention to go public in February, and last raised around $400 million in equity financing through, among others, T. Rowe Price and Fidelity.
Last month, DoorDash said its revenues for nine months ending in September were pegged at $1.92 billion more than triple the total booked over the same period last year.
DoorDash commanded around a near 50% share of the U.S. food delivery market in September, according to Second Measure research, well ahead of Uber's Uber Eat's 22% and GrubHub's 20%.
Alongside its class A shares, which entitle holders to one vote each, DoorDash will have Class B shares, around 41.6% of which are held by founder and CEO Xu, will hold 20 votes each. Its Class C stock will have no voting rights, DoorDash said.