Tony Xu, co-founder and CEO of DoorDash Inc., smiles throughout the Wall Street Journal Tech Live convention in Laguna Beach, California, Oct. 22, 2019.
Martina Albertazzi | Bloomberg | Getty Images
DoorDash stated on Thursday that it’ll switch its itemizing from the New York Stock Exchange to the Nasdaq, a uncommon transfer and a possible blow to the NYSE.
The meals supply firm expects to start buying and selling on the Nasdaq on Sept. 27 at market open, underneath the identical image, “DASH,” in accordance with a submitting.
“We are delighted to join a community of leading technology companies with our transfer to Nasdaq,” DoorDash Chief Financial Officer Ravi Inukonda stated in an announcement.
The NYSE has been making an attempt for years to safe extra tech firm listings and acquire share towards the Nasdaq. Between 1983 and 2022, the Nasdaq had practically 7,000 preliminary public choices, in comparison with just below 1,400 on the NYSE, in accordance with statistics compiled by the University of Florida’s Jay Ritter.
DoorDash’s introduced transfer comes because the tech IPO market seems poised to choose up after a hunch since late 2021. Arm, the U.Okay.-based chip design agency, simply went public on the Nasdaq, and Instacart filed to debut on the Nasdaq final month, itemizing DoorDash as a competitor in its prospectus. Cloud software program vendor Klaviyo filed to go public on the NYSE final month.
DoorDash initially started buying and selling on the NYSE in December 2020, with a value of $182 per share. Its debut got here at a well-liked time for tech IPOs, inside months of the IPOs of Airbnb, Roblox and Wish, the low cost market. Of these firms, solely Roblox trades on the Big Board.
WATCH: Arm, Instacart IPOs ushering in additional rational atmosphere
Source: www.cnbc.com”
