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  • Food delivery startup DoorDash surged some 80 percent in a US stock market debut on Wednesday, as frenzied investors pushed the shares up to a whopping $182. DoorDash had priced the shares at $102 for its initial public offering (IPO). The San Francisco-based firm raised $3.4 billion dollars in a market hungry for emerging tech sector firms catering to pandemic lifestyle shifts to give the fast-growing firm a valuation of $39 billion at the opening. "In this Covid backdrop, food delivery is a main artery to get meals for many consumers and that trend looks to accelerate with a second wave," said Wedbush analyst Dan Ives. "This IPO and strong Street reaction speaks to investor appetite for these new growth stories." The market debut gave DoorDash a value more than double the $16 billion it was deemed worth during a private funding round in June. Delivery of meals and groceries has boomed during the pandemic, with restaurants offering no or limited dine-in options and people fearful of exposure to Covid-19. DoorDash, which competes with GrubHub and Uber Eats, operates a leading online platform connecting people ordering food with those willing to deliver it. DoorDash is on track to take in some $2 billion in revenue this year on growing demand during the pandemic, the food delivery startup said in a prior filing. The startup reported losses totaling $149 million in the first nine months of 2020 on revenues of $1.9 billion as sales more than tripled from the prior year. The startup boasts having more than a million delivery people, referred to as "Dashers," and more than 18 million customers. DoorDash has said surveys showed that as of October it had a 50 percent share of the US meal delivery market, and was twice as large as its nearest competitor, Uber Eats. DoorDash has followed in the footsteps of other tech startups regarding company governance, offering an assortment of share types that will result in co-founder Tony Xu maintaining control. The DoorDash stock market debut kicked off a "unicorn parade" capping a busy year for hot startups going public. Home sharing startup Airbnb is set for its IPO on Thursday. The startups known as unicorns -- valued in the billions -- are poised to take advantage of a market hungry for young businesses promising fast growth. Some analysts say the pandemic has distorted the economy and that it's too soon to know how these emerging firms will fare. gc/rl
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  • DoorDash shares rocket amid IPO fever
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