This translation has been automatically generated and has not been verified for accuracy.SoftBank-backed food delivery startup DoorDash said on Thursday it had confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission.
Loss-making DoorDash did not specify when exactly it plans to go public, but its debut will test the appetite of investors, who have been unforgiving in recent months toward debuts of private startups that have racked up massive losses.Earlier in February, mattress retailer Casper Sleep sold shares in its IPO at the bottom end of a targeted range it had already lowered, slashing its valuation by more than half in less than a year.
Moreover, the fallout from the coronavirus outbreak has already weighed on the timing of listings this year and raised doubts over whether this year’s most high-profile debut – that of Airbnb – will go through this year. “The bigger issue is that DoorDash and the other food delivery services have been struggling to make money,” said Jay Ritter, an IPO expert and professor at the University of Florida.
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