DoorDash Inc. is making its trading debut Wednesday after raising $3.37 billion in an initial public offering with Airbnb Inc.’s IPO set to follow within hours.

image

San Francisco-based DoorDash sold 33 million shares Tuesday for $102 each after marketing them for $90 to $95 each. The company has a fully diluted value of about $38 billion, which includes employee stock options and restricted stock units as detailed in its filings.

DoorDash’s IPO is the third-largest U.S. listing this year, exceeded only by the $4 billion blank-check company backed by billionaire Bill Ackman and software maker Snowflake Inc.’s $3.86 billion offering including so-called greenshoe shares.

The food delivery company is part of a cadre of consumer-facing, web-based businesses that have successfully navigated the coronavirus pandemic and are expected to go public this month.

The next-largest of the group is home-rental platform Airbnb, which is seeking to raise as much as $3.09 billion in its IPO Wednesday. Others include video-game company Roblox Corp., installment loans provider Affirm Holdings Inc. and ContextLogic Inc., the parent of online discount retailer Wish Inc.

DoorDash has seized on the pandemic-fueled boom in demand for meals brought to your door, as well as investor exuberance over new stock listings as it moves ahead with its IPO. Revenue in the first nine months of the year more than tripled and its net loss narrowed from a year earlier on a surge in new customers, the company said in its filings.

With DoorDash, companies have now raised more than $160 billion in IPOs on U.S. exchanges this year, an all-time high, according to data compiled by Bloomberg. Several more are expected before the end of the year as companies that put off listing plans during the early days of the Covid-19 pandemic regain the confidence to put their shares on public markets.

DoorDash’s offering is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., with Barclays Plc, Deutsche Bank AG, RBC Capital Markets and UBS Group AG also on the deal. DoorDash’s shares are set to trade on the New York Stock Exchange under the symbol DASH.