IPO caps year of growth – but still no profit – for DoorDash

National

FILE – The DoorDash app is shown on a smartphone on Feb. 27, 2020, in New York. DoorDash is capping a year of explosive growth with an initial public offering, hoping to keep the momentum going even if demand for food delivery eases in a post-pandemic world. (AP Photo)

DoorDash is capping a year of explosive growth with an initial public offering of it stock, hoping to keep the momentum going even if demand for food delivery eases in a post-pandemic world. The San Francisco-based company has lost money in every year since its founding.

DoorDash raised $3.4 billion in the offering, with its shares priced at $102 each. DoorDash will trade on the New York Stock Exchange under the symbol DASH.

The 7-year-old company is a market leader in the U.S., but wants to expand internationally and get into new businesses like grocery delivery.

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