Tony Xu, co-founder and CEO of DoorDash Inc., smiles right through the Wall Boulevard Magazine Tech Reside convention in Laguna Seashore, California, Oct. 22, 2019.
Martina Albertazzi | Bloomberg | Getty Photographs
DoorDash mentioned on Thursday that it is going to switch its checklist from the New York Inventory Trade to the Nasdaq, a possible blow to the NYSE.
The meals supply corporate expects to start out buying and selling at the Nasdaq on Sept. 27 at marketplace open, below the similar image, “DASH,” in line with a submitting.
“We’re thrilled to enroll in a neighborhood of main era firms with our switch to Nasdaq,” DoorDash Leader Monetary Officer Ravi Inukonda mentioned in a remark.
The NYSE has been making an attempt for years to safe extra tech corporate listings and achieve proportion in opposition to the Nasdaq. Between 1983 and 2022, the Nasdaq had just about 7,000 preliminary public choices, in comparison to slightly below 1,400 at the NYSE, in line with statistics compiled by means of the College of Florida’s Jay Ritter.
DoorDash’s introduced transfer comes because the tech IPO marketplace seems poised to select up after a hunch since overdue 2021. Arm, the U.Okay.-based chip design company, simply went public at the Nasdaq, and Instacart filed to debut at the Nasdaq ultimate month, checklist DoorDash as a competitor in its prospectus. Cloud instrument supplier Klaviyo filed to head public at the NYSE ultimate month.
DoorDash first of all started buying and selling at the NYSE in December 2020, with a worth of $182 consistent with proportion. Its debut got here at a well-liked time for tech IPOs, inside months of the IPOs of Airbnb, Roblox and Want, the bargain market. Of the ones firms, handiest Roblox trades at the Large Board.
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