DoorDash Dashing To A Crash?

This is the week that was as it relates to Initial Public Offerings. Well, last week also.

Amongst the IPO royalty is a company called “DoorDash” (DASH) that hit the IPO switch on Wednesday and was up almost 90% on its first day of public trading.

DD had already re-priced its IPO price based on demand twice during the lead up to their birth as a public company, so the deal was pretty rich.

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The Delivery Wars

In the throes of COVID19, working from home, and using restaurants as communal kitchens without seating, comes the issue of delivery.

The delivery business is, essentially, unprofitable. It is also completely barren of customer loyalty.

The market share — restaurant delivery mind you — looks like this:

DoorDash 42%

GrubHub 28%

UberEats 20%

Postmates 9%

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