DoorDash Inc. on Monday said it plans to sell 33 million shares at between $75 and $85 apiece in an initial public offering, giving the food-delivery company a valuation topping $25 billion.
At the $80 midpoint of that range, the San Francisco company said it expects net proceeds of about $2.54 billion from the offering.
DoorDash said it would have roughly 317.7 million shares outstanding after the IPO, for a valuation of about $25.4 billion at the $80-a-share midpoint and $27 billion at the high end of the expected range.
On Sunday, The Wall Street Journal reported that DoorDash planned to target a range of around $25 billion to $28 billion on a fully diluted basis, excluding more than $3 billion from IPO proceeds and cash already on hand. That is greater than the $25 billion people close to the offering had expected.
DoorDash said it would use proceeds from the offering for general purposes, including working capital, operating expenses and capital spending.
