DoorDash shares set to blow past IPO price in blockbuster debut

FILE PHOTO: A delivery person for Doordash rides his bike in the rain in the Manhattan borough of New York City, New York, U.S., November 13, 2020. REUTERS/Carlo Allegri/File Photo

(Reuters) -Shares of DoorDash Inc were set to soar in their debut on Wednesday after the food delivery startup raised $3.37 billion in one of the biggest U.S. stock market launches so far in 2020.

At 10:50 a.m. ET, the company’s shares were indicated to open between $140 and $145, far above its upwardly revised initial public offering price of $102 apiece.

The indicated jump mirrors that of Warren Buffett-backed Snowflake Inc, which saw its shares more than double in their New York Stock Exchange debut in September.

DoorDash’s potential listing gains also bode well for home rental startup Airbnb Inc, which is scheduled to make a highly-anticipated market debut on Thursday.

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