DoorDash will switch to Nasdaq from the NYSE in blow to Big Board

DoorDash mentioned on Thursday that it’s going to switch its itemizing from the New York Stock Exchange to the Nasdaq, a possible blow to the NYSE.

The meals supply firm expects to start buying and selling on the Nasdaq on Sept. 27 at market open, below the identical image, “DASH,” in response to a submitting.

“We are delighted to join a community of leading technology companies with our transfer to Nasdaq,” DoorDash Chief Financial Officer Ravi Inukonda mentioned in a press release.

The NYSE has been trying for years to safe extra tech firm listings and achieve share towards the Nasdaq. Between 1983 and 2022, the Nasdaq had almost 7,000 preliminary public choices, in comparison with slightly below 1,400 on the NYSE, in response to statistics compiled by the University of Florida’s Jay Ritter.

DoorDash’s introduced transfer comes because the tech IPO market seems poised to choose up after a droop since late 2021. Arm, the U.Ok.-based chip design agency, simply went public on the Nasdaq, and Instacart filed to debut on the Nasdaq final month, itemizing DoorDash as a competitor in its prospectus. Cloud software program vendor Klaviyo filed to go public on the NYSE final month.

DoorDash initially started buying and selling on the NYSE in December 2020, with a value of $182 per share. Its debut got here at a preferred time for tech IPOs, inside months of the IPOs of Airbnb, Roblox and Wish, the low cost market. Of these firms, solely Roblox trades on the Big Board.

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