Money Makers Mentor

DoorDash Set for Fourth Quarter IPO, Facing Legal Injunction and Prop. 22

Third-party food delivery service, DoorDash, is anticipated to make its IPO during the fourth quarter of 2020. The company has experienced a surge in sales during the pandemic, increasing by about 110% since January. DoorDash, valued at approximately $16 billion, would join its publicly traded competitors GrubHub (NYSE: GRUB) and Uber Technologies’ (UBER) Uber Eats.

Inside sources told Bloomberg News that the company submitted a confidential proposal in January for an IPO slated for November or December of this year.

The pandemic has led to an increased demand for food delivery services. However, many of DoorDash’s competitors reported second quarter losses resulting from overhead expenses outweighing fees. Despite record-breaking deliveries, GrubHub reported a $15.9 million…

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