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DoorDash opens for trading at $182 a share

CNBC's Leslie Picker reports on DoorDash's IPO debut as it surges in trading.

Shares of DoorDash, a leading food delivery app, surged in its market debut on the New York Stock Exchange on Wednesday.

The company priced its shares at $102 a piece Tuesday night, above its range of $90 to $95. The stock began trading at $182 per share, giving it a market cap of $57.8 billion.

DoorDash, founded in 2013, now joins its competitors GrubHub and Uber at a key time. Food delivery has been a bright spot during the coronavirus pandemic, with people limiting their time outside of the home as much as possible.

After DoorDash?s initial pop, investors are valuing the company, on a revenue basis, at about twice as high as Uber. DoorDash is trading at just over 16 times revenue, if you project the latest quarter out over a full year, while Uber is trading just under 8 times sales.

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