Tony Xu, co-founder and chief government officer of DoorDash Inc., smiles throughout the Wall Avenue Journal Tech Dwell convention in Laguna Seaside, California, U.S., on Tuesday, Oct. 22, 2019.
Martina Albertazzi | Bloomberg | Getty Pictures
DoorDash stated on Thursday that it’ll switch its itemizing from the New York Inventory Change 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, below the identical image, “DASH,” in response to a submitting.
“We’re delighted to hitch a group of main know-how firms with our switch to Nasdaq,” DoorDash CFO Ravi Inukonda stated in an announcement.
The NYSE has been trying for years to safe extra tech firm listings and achieve share in opposition to the Nasdaq. Between 1983 and 2022, the Nasdaq had practically 7,000 IPOs, in comparison with slightly below 1,400 on the NYSE, in response to statistics compiled by the College of Florida’s Jay Ritter.
DoorDash’s introduced transfer comes because the tech IPO market seems poised to select up after a hunch since late 2021. Arm, the U.Ok.-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 preferred time for tech IPOs, inside months of the IPOs of Airbnb, Roblox and Want, the low cost market. Of these firms, solely Roblox trades on the Massive Board.
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