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DoorDash said to price at $102 per share, doubling its final private price

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According to media reports, food-delivery giant DoorDash priced its IPO at $102 per share, ahead of its final IPO pricing range of $90 to $95 per share.

The company’s debut has been warmly anticipated by public investors, as evinced by the company raising its range from an initial target of $75 to $85.

While we’re still waiting for official pricing, the price point makes DoorDash worth $32 billion at the time of its IPO price on a non-diluted basis (we’re using the company’s final S-1/A share count of 317,656,521). That valuation rises if one includes options that have vested but not been exercised, and even more if shares set aside for future compensation are also tallied. CNBC calculates DoorDash’s valuation to be $38.7 billion on a diluted basis.

Regardless, any of the valuation marks for DoorDash at $102 per share are far and away greater than its final pre-IPO valuation of around $16 billion, set this summer when the company took on additional capital. The unicorn raised more money during a growth boom, allowing it to add to its cash reserves ahead of its IPO with limited dilution.

DoorDash, which doubled its private startup valuation, is now incredibly well-capitalized to take on rivals Uber Eats and others. And at a price far above its raised range, it has more cash than it probably hoped for. How it uses that cash to preserve pandemic-driven gains will be a key narrative from the company in 2021.

More when we get official numbers.

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