Door Dash’s share is almost 80% higher than the IPO price at the Wall Street launch

Shares of Doordash Inc. rose on the first day of trading on Wednesday after the “kick” company completed one of the biggest initial public offerings of a busy year.

Door Dash Dash,
+ 76.79%
Its shares traded higher than the upper limit and began trading at 2 182 on Wednesday morning, up 78.2% from their IPO price of 2 102. San Francisco, which began its service in the suburbs of Silicon Valley in 2013, now commands half of the U.S. market for utility-based food delivery, raising at least $ 3 billion to more than $ 32 billion.

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Door Dash secretly filed for a public offering in February, before the corona virus infection closed everything and demand for distribution soared. Several months later, after being one of the biggest beneficiaries of the life and economy dramatically changed by COVID-19, it is the latest company to take advantage of the hot IPO market.

The question now is whether it can continue to grow and sustain its profits. In a CNBC interview on Wednesday morning, Tordash CEO Tony Sue said the company was about to launch.

“We are in one Larger but more intrusive varieties, ”Sue said, offering only 10% of restaurant traffic today. The company is also branching out to supply groceries and more.

See: The epidemic has doubled the business of food distribution utilities

Prior to the offering, Dor Dash’s best shareholders were Softbank Vision Fund, an initial investor with 24.9% of Class A shares, Sequoia Capital 20.4% and Greenview 10.5%. Sue and co-founders Andy Fang and Stanley Tong hold 69% of the vote, due to the company’s shareholding system, which provides 20 votes for each Class B share.

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Two supply workers, known as Tashers and business partners, teamed up with co-founders at a virtual bell ringing company on the New York Stock Exchange Wednesday morning.

The company is owned by Uber Technologies Inc. In conjunction with Uber,
+ 1.78%,
Lift Inc. LYFT,
+ 0.92%
And other kick companies have recently spent more than $ 200 million Send a ballot box size in California To avoid classifying their drivers and delivery workers as employees, U.S. Tashers who have performed at least 5,000 deliveries will receive “cash rewards” of $ 500 to $ 20,000, he said. These amounts will be based on the distribution number of workers and will be displayed in their accounts between now and Friday.

Dashers in Canada and Australia will also receive money based on different criteria. Kick workers will receive more money through the program by May, Dor Dash said.

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