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SINGAPORE GIC’s sovereign wealth fund stake in DoorDash is now valued at around $ 5.04 billion after shares of the US-based food delivery company soared 85.8% on its debut in the market.
GIC owns 8.37 percent of DoorDash’s share capital, following the company’s initial public offering (IPO) on the New York Stock Exchange. According to DoorDash’s IPO prospectus, GIC owns 26.6 million Class A common shares which entitle it to one vote per share.
Class B common shares, owned by co-founders Tony Xu, Andy Fang and Stanley Tang, grant holders 20 votes per share and comprise 9.86 percent of the outstanding shares.
GIC had invested $ 155.1 million in four rounds of late-stage financing through its Greenview Investment subsidiary, according to estimates by The Business Times based on disclosures in the IPO prospectus. The figure does not include any investment in previous DoorDash rounds.
GIC first purchased US $ 115.1 million of DoorDash Series D redeemable convertible preferred shares, issued from March to May 2018. It then purchased US $ 20 million of Series E convertible shares in August 2018, followed by US $ 10 million in Series F shares from February to May. 2019 and another US $ 10 million in Series G shares from May to November 2019.
Jeremy Kranz, Senior Vice President and Co-Director of GIC’s Technology Investment Group, is a member of the DoorDash board.
DoorDash’s IPO was priced at $ 102 on Tuesday night US time. The stock began trading at $ 182 and closed at $ 189.51 after the first day’s pop, giving it to the company a market capitalization of US $ 60.2 billion on Wednesday night in the United States.
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