DoorDash stock soars 85% on NYSE after initial public offering

Dec. 9 (UPI) -- Food delivery service DoorDash ended the day up 85% after its market debut on Wednesday, achieving a market valuation of about $60.2 billion.

DoorDash on Tuesday sold some 33 million shares at $102 per share, raising nearly $3.4 billion. The shares were originally marketed for between $90 and $95 each.

The stock began trading at $182 per share.

The offering on Tuesday valued the company at $32.4 billion. It began trading on the New York Stock Exchange Wednesday under the symbol DASH.

DoorDash and other delivery companies have seen an uptick in revenues since the start of the COVID-19 pandemic, as people living under various restrictions have turned to them for food.

DoorDash controls about 50% of the U.S. food delivery market.

Property rental company Airbnb is also expected to go public this week, and online retailer Wish next week.