DoorDash valued at $16 billion in pre-IPO funding round

Markets summary

The Maltese market closed in the red on Thursday, with the MSE total index ending the session 0.447% lower to 8,286.531 points. The best performer was Harvest Technology plc plc with its surge of 2.76% to close at 1.49, followed by 2.50% rise of Simonds Farsons Cisk plc with a closing price of 8.20 and International Hotel Investments plc with its increase of 0.90% to 0.56. The biggest fall of 8.18% was seen from Lombard Bank Malta plc which closed at 2.02, followed by 7.50% drop of MIDI plc which closed at 0.37.

European stocks finished the Thursday session with moderate losses after the Bank of England opted for a less aggressive easing stance than some market participants had been hoping for. By the end of trading, the benchmark Stoxx 600 was 0.71% lower at 363.41 while the German Dax was off by 0.81% to 12,281.53 and the FTSE Mibtel was down by 0.51% to 19,485.76.

US stocks turned in a mixed performance on Thursday as market participants digested the latest developments in the Covid-19 pandemic and this week's jobless data. At the close, the Dow Jones Industrial Average was down 0.15% at 26,080.10, while the S&P was up 0.06% at 3,115.34 and the Nasdaq Composite was 0.33% firmer at 9,943.05.

DoorDash valued at $16 billion in pre-IPO funding round

DoorDash said on Thursday it was looking to raise about $400 million from investors, valuing the food delivery company at about $16 billion ahead of its initial public offering.

The company, backed by SoftBank Group Corp, filed an IPO in February, setting it up as one of the most high-profile listings of 2020.

DoorDash, which competes with Uber Eats, GrubHub Inc and Postmates Inc, said the latest funding round would be led by new investors Durable Capital Partners LP and Fidelity Management & Research Co and existing investors, funds and accounts advised by T. Rowe Price Associates.

The funding round follows a massive jump in demand for food delivery services as a large number of people ordered in due to COVID-19 mandated lockdowns.

DoorDash said the funds would be used for new products and services.

This article was issued by Nadiia Grech, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.