The food-delivery company DoorDash raised expectations for its initial public offering on Friday, increasing its hoped-for valuation to a new high of $35.3 billion.
In an amended prospectus, DoorDash said it had increased the expected price range for its shares to $90 to $95 each, up from $75 to $85 earlier this week. At the top end of the new range, the company would raise about $3.1 billion in the sale.
DoorDash is one of a number of start-ups to pursue an I.P.O. this year, banking on buoyant stock markets and investor demand for high-growth companies. Other debuts scheduled to price before the end of the year include Airbnb, the games platform Roblox and the e-commerce site Wish.
DoorDash’s new valuation target, billions of dollars higher than it had planned for just a few days ago, shows just how lofty expectations have become. In a private fund-raising round in June, the company was valued at $16 billion.
DoorDash has been pitching prospective shareholders — virtually, through videoconference calls — on its offering this week, touting its enormous platform and growth during the pandemic. The company argues that it stands to be one of the winners of the food-delivery space, even as it currently loses money.
The company is expected to begin trading on the New York Stock Exchange next week, under the ticker symbol DASH.
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