|Bid||8,552.00 x N/A|
|Ask||8,558.00 x N/A|
|Day's range||8,332.00 - 8,588.00|
|52-week range||65.28 - 10,050.00|
|Beta (5Y monthly)||0.33|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
(Bloomberg) -- Hedge fund Tiger Global Management has taken a 4.4% stake in Just Eat Takeaway.com NV, currently worth about 613.2 million euros ($746 million), adding to its investments in the food delivery industry.Tiger Global holds 6.5 million shares in Just Eat Takeaway, according to a filing made in the Netherlands. The stake makes it one of the largest shareholders in the fast-growing food delivery company, according to data compiled by Bloomberg.A spokesperson for Tiger Global declined to comment on reasons for the new investment.Just Eat Takeaway is currently considering locations for its primary listing after the acquisition of U.S.-based Grubhub expanded its investor base outside of Europe.Tiger Global has an array of food delivery investments. In 2018 it led a funding round in Postmates Inc., a rival to Grubhub since acquired by Uber Technologies Inc., and also led investments in Indian food delivery startup Zomato and Turkish grocery startup Getir.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- DoorDash Inc.’s shares fell on Thursday after short-seller Citron Research described the food delivery company’s initial public offering as the “most ridiculous” of the year and said the stock is worth a fraction of its current price.Direct competitors, including Grubhub Inc., Uber Technologies Inc. and the recently acquired Postmates, are typically valued at three to six times sales, Citron said in a research report. DoorDash was trading at 19 times. However, accounting standards can vary from company to company.DoorDash should be worth $40 a share, Citron said, citing intense competition in the market for food delivery, lack of brand loyalty from customers and potential government regulation. That would represent a 74% decline from Thursday’s closing price.DoorDash has gained 51% since its debut last week. It fell 2.4% to $154.21 on Thursday. DoorDash declined to comment.The market debut of DoorDash was one of the most anticipated of 2020, already a banner year for startups going public. Back in June, private investors had valued the San Francisco-based company at $16 billion. When it opened for trading on Dec. 9, its fully diluted value topped $68 billion.DoorDash, the largest food delivery app in the U.S., faces strong competition, notably from Uber and Grubhub. Uber tried to acquire Grubhub this year, until Just Eat Takeaway.com NV intervened. Uber bought Postmates instead.Now DoorDash is eyeing delivery beyond just meals. The company started ferrying around convenience store items such as toilet paper this spring, which puts it in closer competition with giants such as Amazon.com Inc.(Updates with DoorDash’s closing share price.)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) -- Shares of unprofitable food delivery platform DoorDash Inc. surged as much as 92% in their trading debut Wednesday, in the latest sign of investor exuberance in what has already been a record year for IPOs.DoorDash, which has seized on the pandemic-fueled boom in demand for meals brought to your door, saw its shares climb as high as $195.50 in New York after raising $3.37 billion in its initial public offering. The first-day jump, the third biggest this year in the U.S. for a large IPO, gives DoorDash a market capitalization of $60 billion and a fully-diluted value of $71.3 billion -- higher than companies including Kraft Heinz Co., Lululemon Athletica Inc. and Ford Motor Co.Investors looked past concerns that competition from rivals such as Uber Technologies Inc. may heat up next year, just as the distribution of vaccines reduces the need for at-home dining. DoorDash’s surge also bodes well for companies such as Airbnb Inc. that are looking to add to the more than $160 billion already raised by IPOs in 2020.DoorDash’s shares opened at $182 after the company priced them at $102 each. They closed at $189.51, almost 86% higher than the listing price.The IPO is the third-largest on a U.S. exchange this year, exceeded only by the $4 billion blank-check company backed by billionaire Bill Ackman and software maker Snowflake Inc.’s $3.86 billion offering including so-called greenshoe shares.DoorDash had 50% of U.S. market share as of October, surging past UberEats, GrubHub and Postmates, according to its filing documents. That number is up from just 17% in January 2018. DoorDash said there is also an opportunity for that market to expand, with fewer than 6% of U.S. residents currently using its service. Revenue in the first nine months of the year more than tripled and its net loss narrowed from a year earlier on a surge in new customers, the company said.Some skeptics don’t expect the increase in at-home dining to last.“As we go from being stuck at home to wanting to venture out, people are less likely to want to go and order delivery,” said Max Gokhman, head of asset allocation at Pacific Life Fund Advisors. “They’re going to want to actually go out and go to a restaurant.”He added that the market could also get more competitive, especially as rival Uber sees a pickup in its ride-sharing business, which could help subsidize its food delivery investment.Restaurant FeesWhile DoorDash helped many restaurants stay afloat as pandemic lockdowns forced them into a takeout-only model, the fees that it charges, which can be 30% of the cost of an order, are seen as unfair by some eateries. Certain cities, including New York and Seattle, have set limits on the amount of fees delivery services can charge restaurants.The company started by doing deliveries in Palo Alto, California, where Tony Xu and his two co-founders were students at Stanford University. They often did the deliveries themselves in the evenings after classes.“It’s certainly surreal,” Xu said Wednesday in a Bloomberg TV interview, recalling the early days when he was “delivering hummus out of my Honda.”Including DoorDash, companies have now raised more than $160 billion in IPOs on U.S. exchanges this year, an all-time high, according to data compiled by Bloomberg. Several more are expected before the end of the year as companies that put off listing plans during the early days of the Covid-19 pandemic regain the confidence to put their shares on public markets.The next-largest of the group is home-rental platform Airbnb, which is seeking to raise as much as $3.09 billion in its IPO Wednesday. Others include video-game company Roblox Corp., installment loans provider Affirm Holdings Inc. and ContextLogic Inc., the parent of online discount retailer Wish Inc.Just two companies that raised more than $1 billion saw a bigger pop in their shares in their U.S. trading debut, according to data compiled by Bloomberg. Chinese online real estate platform KE Holdings Inc. climbed 87% in its first trading session, while shares of cloud computing company Snowflake Inc. more than doubled on day one.MORE: DoorDash Trio Worth Up to $2.7 Billion Each as IPO SoarsBefore the pandemic, food-delivery companies like DoorDash and rivals Uber Eats and Grubhub Inc. struggled to make money amid fierce competition among themselves and blowback over their fees and treatment of workers. Margins in the business are razor thin, prompting a wave of consolidation that saw Grubhub agree in June to get bought by Just Eat Takeaway.com NV for $7.3 billion, and Uber acquire Postmates Inc. for $2.65 billion in an all-stock deal in July.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 also on the deal. DoorDash’s shares are trading on the New York Stock Exchange under the symbol DASH.(Closes shares in fourth paragraph. An earlier version of this story corrected the spelling of a name in the eighth 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.