Door Dash eyes $27bn valuation as it rides tech IPO wave
US food delivery startup Door Dash is aiming to raise as much as $2.8bn (£2bn) in an initial public offering that could value it at $27bn.
The Softbank-backed app plans to sell 33m shares priced between $75 and $85 each, according to a regulatory filing today.
The bumper listing will come amid a flurry of high-profile stock market debuts for tech firms that have cashed in on booming demand during the pandemic.
Door Dash is set to float in December alongside home rental giant Airbnb, which is targeting a valuation of at least $30bn.
Much like rivals Uber Eats and Grub Hub, Door Dash has benefited from rising demand for food delivery services during Covid-19 lockdowns.
In an IPO filing earlier this month the company posted a surge in revenue growth and reported its first ever quarterly profit.
If successful, the $27bn valuation would mark significant growth for Door Dash, which was valued at $16bn after its latest fundraising in June, according to data from Pitchbook.
The listing will follow a number of debuts for major Silicon Valley firms such as software giant Palantir, which have looked to cash in on a stock market surge in the second half of the year.
In the UK, Deliveroo, Darktrace and Music Magpie are among the tech companies plotting an initial public offering.
Door Dash plans to float on the New York Stock Exchange on 9 July. Goldman Sachs and JP Morgan are the lead underwriters for the listing.