GRUB - DoorDash Files for an Initial Public Offering
Food-delivery service DoorDash announced on Thursday that it has filed a confidential S-1 with the Securities and Exchange Commission, the first step for the company to go public. It's just the latest development for the company after a very successful 2019, in which it signed exclusive delivery contracts with large restaurant chains like Outback Steakhouse of Bloomin' Brands (NASDAQ: BLMN), and overtook competitor Grubhub (NYSE: GRUB) as the largest third-party delivery service in the country, according to a report by CNBC.
Previously, DoorDash tapped the private equity markets for funding. In May 2019, it announced $600 million in private funds, bringing the company's valuation to nearly $13 billion. The market capitalization of Grubhub is $3.1 billion for comparison.
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