DoorDash delivery workers won't get stock grants from its IPO, but the company is giving out cash bonuses
DoorDashwill begin trading on the NYSE on Wednesday.
- The company's
IPOfiling in November revealed delivery workerswill not be granted stock when the company goes public.
- They are, however, eligible for $12 million in cash bonuses over the next six months.
DoorDash is going public, and IPO paperwork sheds light on the people who are - and are not - looking at a potential windfall.DoorDash priced its shares at $102, which is above the expected range and will allow the company to raise $3.4 billion when trading begins. However,
DoorDash also pledged to add $10 million to its earlier cold-weather grant program to help restaurants survive colder months in several markets in the US and Canada. It also announced a continued partnership with United Way, and an accelerator program in 2021 to "help women and minority local entrepreneurs gain access to the capital and other tools they need to sustain and grow their business."The delivery company headquartered in San Francisco said in the initial filing that it saw business surge throughout the pandemic this year while losses shrank, with a surprise $23 million profit in the second quarter, though it reported a loss for the third quarter. DoorDash has the largest share of the delivery market in the US, according to Edison Trends, and as of June was valued at $16 billion. As of Wednesday, it is valued at $34.2 billion and poised to become one of the biggest IPOs of the year.
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