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

DoorDash stated on Thursday that it will 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 accordance to a submitting.

“We are delighted to be a part of a neighborhood of main expertise firms with our switch to Nasdaq,” DoorDash Chief Financial Officer Ravi Inukonda stated in a statement.

The NYSE has been making an attempt for years to safe extra tech firm listings and acquire share towards the Nasdaq. Between 1983 and 2022, the Nasdaq had almost 7,000 preliminary public choices, in contrast to just below 1,400 on the NYSE, in accordance to statistics compiled by the University of Florida’s Jay Ritter.

DoorDash’s introduced transfer comes as the tech IPO market seems poised to pick up after a hunch since late 2021. Arm, the U.Ok.-based chip design agency, just 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 worth of $182 per share. Its debut got here at a well-liked 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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