(Bloomberg) -- DoorDash Inc., the biggest U.S. food delivery company, is seeking to raise as much as $2.8 billion in an initial public offering that’s part of an end-of-year U.S. listings rush.The San Francisco-based company said in a filing Monday that it plans to sell 33 million shares for $75 to $85 each. At the top end of this range, the company could be valued at about $32 billion, taking into account the outstanding shares listed in its filing, as well as employee stock options and restricted stock units.This valuation is an increase from when private investors valued DoorDash at around $16 billion in June. Its IPO price is not finalized and could still change depending on demand for its stock on its roadshow with investors over the next week. DoorDash joins a cadre of consumer-oriented, web-based companies led by home-rental platform Airbnb Inc. that have lined up IPOs for December. The group includes video-game company Roblox Corp., installment loans provider Affirm Holdings Inc. and ContextLogic Inc., the parent of online discount retailer Wish Inc.Pandemic BoomDoorDash has seized on the pandemic-fueled boom in demand for meals brought to your door, as well as investor exuberance over new stock listings as it moves ahead with its IPO.When the company revealed its prospectus earlier this month, it revealed a sharp jump in revenue this year and more surprisingly, a profitable quarter.For the first nine months of the year, DoorDash had $1.9 billion in sales, more than triple the $587 million during the same period last year. Its net loss narrowed to $149 million, compared with $533 million for the period in 2019.DoorDash was briefly profitable in the second quarter of this year -- at the height of the stay-at-home orders in major U.S. cities -- posting $23 million in profit.Co-founder and Chief Executive Officer Tony Xu holds a chunk of DoorDash’s Class B super-voting shares, which have 20 votes each. He also has voting control over the rest of the 20-vote shares, which are split between his co-founders, Stanley Tang and Andy Fang.DoorDash’s listing plans -- along with the entire app-based service industry -- got a boost in November, when California voters approved a ballot measure setting aside a state law requiring gig-economy companies to treat their drivers more like employees than contractors. Despite that victory, the company indicated in its filing that it could face further regulation or litigation that would affect its ability to keep its workers as less costly independent contractors.DoorDash’s offering is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., with Barclays Plc, Deutsche Bank AG, RBC Capital Markets and UBS Group AG. DoorDash is planning to list its shares on the New York Stock Exchange under the symbol DASH.(Updates with details on DoorDash’s financials starting in 7th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- OPEC and its allies headed into a two-day meeting with ministers still seeking a compromise on proposals to delay a production boost, after failing to reach consensus in talks on Sunday night.The 23-nation coalition led by Saudi Arabia and Russia is debating whether to maintain the output cuts at current levels, deferring the increase scheduled for January. Some members are concerned that global markets remain too fragile to absorb additional barrels -- particularly after Libya’s output soared -- while others are keen to sell more crude.Most of the producers who held informal discussions on Sunday supported maintaining the existing curbs into the first quarter, according to delegates who asked not to be identified. Last week, market-watchers were widely anticipating a three-month extension. But the plan didn’t get backing from two of the coalition’s major players: the United Arab Emirates and Kazakhstan, the delegates said.As the Organization of Petroleum Exporting Countries and its partners prepare for their private sessions -- which commence at 2 p.m. Vienna time -- the usual negotiating and counter-proposals that precede meetings are in full swing. Besides the central idea of a three-month delay, two months has also been floated, as has the possibility of gradually increasing over a three or four month period, delegates said.Follow our live blog of the meeting from 1 p.m. London time“There is still a broad desire within OPEC+ to balance the market, given additional Libyan supply and softer demand,” said Bill Farren-Price, a director at research firm Enverus. “While there are options on the table, there is no oven-ready deal.”The UAE hasn’t commented publicly on its stance, and officials from the country say privately that they haven’t decided on a position. Tensions between the emirates and the Saudis, traditionally stalwart partners, have emerged as Abu Dhabi grows impatient to use new production capacity it has built, and launch a regional oil benchmark contract.Several delegates predicted that OPEC+ would eventually find a compromise that works for everyone, as is usually the case for the group. If that consensus can’t be achieved, the existing agreement allows members to add 1.9 million barrels a day to world markets, potentially derailing the recent rebound in crude prices.Brent futures are trading near $47 a barrel in London. Crude could fall by about $5 if OPEC+ doesn’t delay the production increase, according to Goldman Sachs Group Inc.Uncertain DemandOPEC+, which pumps more than half the world’s crude, made vast production cuts during the depths of the pandemic to offset a historic collapse in fuel demand. The alliance had planned to ease some of those curbs at the start of 2021, in anticipation of a global economic recovery.While a breakthrough in vaccines to tackle the coronavirus propelled oil prices to an eight-month high, a resurgence in infections has triggered a new wave of lockdowns and inflicted a fresh blow to fuel consumption. The cartel and the wider industry have downgraded their outlooks for 2021, with a picture thats sharply polarized between recovery in Asia and stagnation in Europe.Over the past few weeks, leading figures in the OPEC+ alliance such as Saudi Energy Minister Prince Abdulaziz Bin Salman and group president, Algeria’s Abdelmajid Attar, have signaled the producers would adjust the planned supply increase.An online gathering was hastily convened on Sunday to forge a consensus, at which Russian Deputy Prime Minister Alexander Novak made the case for prolonging the current supply curbs. OPEC+ is collectively halting about 7.7 million barrels of daily output, or about 8% of the global total.Yet Abu Dhabi withheld its blessing, with Energy Minister Suhail Al-Mazrouei repeating his position that many countries still haven’t implemented the supply cuts they’ve been obligated to make for months, delegates said.That may have been a pointed reference to the Saudis’ treatment of the UAE during the summer, when Mazrouei was summoned to Riyadh and given a public rebuke for his own overproduction. The country has since delivered the required compensatory curbs, but other laggards like Iraq and Nigeria haven’t.The Emirates’ frustration flared two weeks ago, when officials signaled privately that they were dissatisfied with the quota assigned to them by OPEC, and were even contemplating leaving the organization in the long term. Iraq and Nigeria have also grumbled about their output limits.“Saudi Arabia will have to lean hard to get an agreement,” said Mohammad Darwazah, an analyst at research firm Medley Global Advisors LLC. “There have been particularly acute rumblings of dissatisfaction with the status quo from Abu Dhabi.”(Updates with analyst comment in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.