DoorDash (DASH) : 2 and 5-week performance

IPOs this week : Jan 4 - 8, 21 (wk 1)

 IPO quiet period expirations 

• Airbnb (NASDAQ:ABNB), 
• DoorDash (NYSE:DASH), 
• Hydrofarm (NASDAQ:HYFM) and 
• C3.ai (NYSE:AI) 

All four stocks trade well above their IPO pricing levels. 

IPO lockup expirations

• BlueCity (NASDAQ:BLCT), 
• Inventiva (NASDAQ:IVA), 
• Nkarta (NASDAQ:NKTX) and 
• Poseida Therapeutics (NASDAQ:PSTX).

DoorDash (DASH) began trading on the NYSE on Wed 9 Dec 20

DoorDash, Inc. operates a logistics platform that connects merchants, consumers, and dashers in the United States and internationally. 

• Sector(s): Communication Services
• Industry: Internet Content & Information
• Full Time Employees: 3,279
• Founded in 2013 as Palo Alto Delivery Inc. and changed its name to DoorDash, Inc. in 2015.
• Headquartered in San Francisco, California.
• http://www.doordash.com

• DoorDash (DASH) priced 33 mln share IPO at $102.00 per share, above the revised expected range of $90-95
• Shares opened Wednesday afternoon at $182, 78% above its higher-than-expected initial public offering price.
• The company'sa market value now surpasses the combined worth of Chipotle Mexican Grill Inc., Domino’s Pizza Inc. and Dunkin’ Brands Group Inc.
• DoorDash has never turned an annual profit, but a surge in demand during the Covid-19 pandemic has helped to transform it.  DoorDash had 543 million total orders in the first nine months of 2020, tripling from a year ago. It reported a contribution margin—profit after variable costs—of $433 million in the period, versus a $190 million loss a year earlier.

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Physical locations and ghost kitchens

In October 2019, DoorDash opened its first ghost kitchen, DoorDash Kitchen, in Redwood City, California. Ghost kitchens, sometimes called "dark kitchens" or "commissary kitchens", are kitchen facilities that can be used by restaurants and caterers to prepare delivery- and pick-up-only meal orders. The Redwood City location has four restaurants renting out space.

In November 2020, DoorDash announced the opening of its first physical restaurant location, partnering up with Bay Area restaurant Burma Bites to offer delivery and pick-up orders.

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In January 2020, the FT revealed that Uber had been negotiating an acquisition of DoorDash, but the talks came to nothing.

Similarly, Uber tried to acquire Grubhub (NYSE:GRUB) in June, also failing. Grubhub instead opted for a merger with Just Eat Takeaway (OTCPK:TKAYF), whose offer to Grubhub was "dramatically better than Uber's." Grubhub is now trading for more than Uber offered for the company.

Meanwhile, Uber just completed its acquisition of Postmates for $2.65B. While that acquisition looks smart given DoorDash's valuation, Postmates is far smaller than DoorDash.

IPOs this week : Dec 7 - 11, 20 (wk 50)

IPOs expected to price 

• DoorDash (DASH); DoorDash expects to raise over $3B after targeting an even higher price range of $90 to $95 to imply a Chipotle-like market valuation of over $35B. 
• C3.ai (NYSE:AI); machine learning software specialist C3.ai, shooting to raise over $500M through its offering. 
• Airbnb (ABNB); Airbnb goes public with the travel sector still being disrupted by the pandemic, but expectations high. "It’s the Apple of travel," says Atlantic Equities ahead of the debut. Airbnb set a projected target range of $44 to $50 a share for its IPO. The company plans to sell 50M shares, while existing shareholders are selling another 1.9M.
• Hydrofarm Holdings (HYFM);  Hydrofarm aims to raise $130M to grow out its vertical farming business and 
• Certara (CERT), which uses biosimulation software to create virtual trials that use virtual patients to predict how drugs behave in different people. The company is profitable is in its early going. 
• PubMatic (PUBM), programmatic advertising firm is looking to bring in $75M.

IPO lockup expirations

• Vroom (NASDAQ:VRM) on December 7, as well as Lantern Pharma, (NASDAQ:LTRN), Biopharma Generation Bio (NASDAQ:GBIO), AZEK Company, (NYSE:AZEK) and Avidity Biosciences (NASDAQ:RNA) on December 8.

IPOs this week : November 16 - 20, 20 (wk 47)

 IPOs expected to price

• Aspire Real Estate Investors (ASPI)
• NeoGames (NGMS), 
• Telos (TLS), 
• Sotera Health (SHC) and 
• Maravai LifeSciences (MRVI) 

Maravi appears to be the largest of the bunch, with the biotech looking to raise $1.275B. There is also some speculation that e-retailer Wish and kids gaming company Roblox (RBLX) could file for an IPO next week to follow on DoorDash's (DASH) filing from Friday. 

IPO quiet period expirations

• Guild Holdings (NYSE:GHLD), McAfee (NASDAQ:MCFE) and Datto (NYSE:MSP) on November 16. 

IPO lockup expirations

• Chewy (NYSE:CHWY) and 89bio (NASDAQ:ETNB) on November 16, 
• Avantor (NYSE:AVTR), Futu Holdings (NASDAQ:FUTU) and SelectQuote (NYSE:SLQT) on November 17.

IPOs this week : Nov 9 - 13, 20 (wk 46)

IPOs expected to price

• Aspire Real Estate Investors (ASPI), NeoGames (NASDAQ:NGMS), Telos (NASDAQ:TLS), Sotera Health (NASDAQ:SHC) and Maravai LifeSciences (NASDAQ:MRVI) are all expected to price their IPOs next week. 

Maravi appears to be the largest of the bunch, with the biotech looking to raise $1.275B. 

There is also some speculation that e-retailer Wish and kids gaming company Roblox (RBLX) could file for an IPO this week to follow on DoorDash's (DASH) filing from Friday. 

IPO quiet period expirations

• Guild Holdings (NYSE:GHLD), McAfee (NASDAQ:MCFE) and Datto (NYSE:MSP) on November 16.   

IPO lockup expirations

• Chewy (NYSE:CHWY) and 89bio (NASDAQ:ETNB) on November 16, as well as 
• Avantor (NYSE:AVTR), Futu Holdings (NASDAQ:FUTU) and SelectQuote (NYSE:SLQT) on November 17.

DoorDash plans for IPO in Q4 as demand stays strong

DoorDash (DASH) is planning to go public in November or December, according to Bloomberg.

Sources says the company will fire off an IPO after deciding against a direct listing to raise capital.

A $400M funding round in June valued DoorDash at almost $16B.

DoorDash's competitors include Grubhub (NYSE:GRUB) and Uber Eats (NYSE:UBER), as well as grocery delivery specialists like Instacart (ICART), Amazon Fresh (NASDAQ:AMZN), Shipt, FreshDirect, Peapod and Walmart (NYSE:WMT).

IPOs this week : April 13 - 17, 20 (wk 16)

IPO lockup expirations

• Owl Rock Capital (NYSE:ORCC) is up 33% over the last week just ahead of the 270-day lockup period expiring for sales of blocks of two-thirds of positions. 
• Former Post Holdings (NYSE:POST) subsidiary BellRing Brands (NYSE:BRBR) has an IPO share lockup expiration date of April 15. Shares of BRBR trade 21% above where the IPO was priced. 

Upcoming IPOs
As the pandemic continues on, it appears more unlikely that some of the blockbuster IPOs expected this year will fire off. That list includes

• Cole Haan (CLHN), Airbnb (AIRB), Postmates (POSTM), Robinhood (HOOD), Snowflake (SNOW), DoorDash (DASH), Asana (ASAN) Instacart (CART), Wish, Palantir (PLTR), Rackspace [owned by Apollo Global Management (NYSE:APO)], Didi Chuxing (DIDI), Topgolf [Callaway Golf (NYSE:ELY) has a stake], Stripe (STRIP), Madewell (MDWL) [a Nordstrom (NYSE:JWN) retail partner] and McAfee [Intel (NASDAQ:INTC) has a stake].

IPOs this week : March 2 - 6, 20 (wk 10)

IPOs expected to price

• GFL Environment (GFL) is expected to price its $1.77B IPO on March 3. 

IPO quiet period expirations

• The analyst quiet period expires on Casper Sleep (NYSE:CSPR) on March 2. Shares of Casper closed at $9.02 on Friday vs. the IPO pricing level of $12. Will analysts boost the online bedding stock with bullish reports? 
• Schrodinger (NASDAQ:SDGR) and PPD (NASDAQ:PPD) on March 2 
• OneWater Marine (NASDAQ:ONEW), Nexpoint Real Estate (NYSE:NREF) and Professional Holding (NASDAQ:PFHD) on March 3. 

Also, watch for news on DoorDash (DASH) after the company disclosed that it filed confidentially for an IPO. The DoorDash IPO could be of interest to Uber Eats (NYSE:UBER), Postmates (POSTM) and GrubHub (NYSE:GRUB).