Popular food delivery service DoorDash has announced that it’s taken its first steps to file for its upcoming initial public offering. In a brief statement, the company said on Thursday that it has submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission:
DoorDash today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.
DoorDash’s draft submission comes months after the company was valued at $13 billion late last year. It also happens to occur on the same day the New York City Council announced six bills proposing limiting the caps food delivery services like DoorDash can charge food establishments. If similar cities follow suit, caps on fees DoorDash could charge establishments could severely impact its bottom line.
So when will DoorDash actually have its IPO? That’s uncertain for now. First, the SEC needs to review DoorDash’s Form S-1 statement and until that happens, even DoorDash can’t say when its stock will IPO.