The popular food delivery portal DoorDash has recently filed its IPO with the Securities and Exchange Commission last week and will reportedly take the service public, according to various sources.
This is set to occur in the next month and it comes at a time when food delivery services are as relevant as they have ever been with the coronavirus pandemic continuing to be a problem in the United States.
DoorDash is one of the many companies rushing to IPO, and for good reason. The company has seen its revenue rise drastically because of these conditions this year and has seen revenue of $1.9 billion during the first part of 2020.
This is in large part due to the company’s more than 18 million customers and 390,00 merchants.
In addition, the company employs almost 1 million “Dashers”, which is their name for those who provide the food deliveries.
All of these things have helped the company lead the sector in food deliver with a 48 percent share.
When the company goes public and can be traded, it will be given the DASH initials on the New York Stock Exchange.
It will give those who are interested three different classes of stock to purchase, Class A, B, and C.
DoorDash have also not been quiet about how it could eventually move to drone delivery or autonomous drivers in the near future.
It has already partnered with Cruise Automation, a GM backed operation, to test out driverless vehicles in the Bay Area.
The company has maintained, “We have invested in and we expect to continue to invest in research and development related to autonomous and drone delivery technologies, either directly or in partnership with companies that develop such technologies.”
Although this has yet to occur, it certainly leaves its 1 million or so drivers wondering how seriously the company is in the long-run.
One way or the other, look for things to heat up once the company does become public and shareholders have a stake in DoorDash.
