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Technology

DoorDash IPO delivers billions for SoftBank

US food delivery group jumps 86% on debut and rewards Chinese-American founders

DoorDash took investors on a pleasant ride on Dec. 9, delivering results far above predictions in the company's IPO filing.   © Reuters

PALO ALTO, U.S. -- Food delivery company DoorDash had a blockbuster first day of trading on Wednesday, sealing a lucrative investment for early backer SoftBank and making billionaires of its three Chinese-American founders.

DoorDash's shares opened at $182 on the New York Stock Exchange on Wednesday and closed at $189.51, up 86% from the IPO price of $102. The price set for the offer was already higher than the target range of $90 to $95 that the company predicted in its IPO filings.

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