DoorDash's IPO holds no value and the company may never be profitable, according to New Constructs founder and CEO David Trainer.
The food delivery start-up upped its IPO price range to $90-$95 a share in a filing on Friday, after initially targeting $75-$85. The new target means DoorDash is now seeking to raise as much as $3.1 billion in its public debut on Tuesday. It could be one of the largest US tech IPOs of the year, though Trainer branded it "the most ridiculous IPO of 2020."
The veteran Wall Street analyst said that DoorDash's last private valuation was only $16 billion, and its pre-IPO stage reflects the "overblown fervor of the work-from-home theme."
DoorDash is the 'most ridiculous IPO of 2020' and holds no value beyond bailing out private investors, a veteran equities analyst says
i freed up some cash for this. i was planning to go half in DASH, half in WTRH.