Tony Xu, co-founder and CEO of DoorDash Inc., smiled during the Wall Street Journal Tech Live conference in Laguna Beach, California, on October 22, 2019.
Martina Albertazzi | Bloomberg | Getty Images
DoorDash announced on Thursday that it will move its listing from the New York Stock Exchange to the Nasdaq, dealing a potential blow to the NYSE.
The food delivery company plans to begin trading on the Nasdaq on September 27 at market open, using the same symbol, “DASH,” according to a filing.
“We are thrilled to join the community of leading technology companies by transferring to Nasdaq,” said DoorDash’s Chief Financial Officer Ravi Inukonda in a statement.
The NYSE has been striving to attract more tech companies and gain market share from Nasdaq. Data compiled by the University of Florida’s Jay Ritter shows that between 1983 and 2022, Nasdaq had nearly 7,000 initial public offerings, while the NYSE had just under 1,400.
DoorDash’s decision to move comes at a time when the tech IPO market seems to be picking up after a slump since late 2021. Arm, a UK-based chip design firm, recently went public on Nasdaq, and Instacart filed to debut on Nasdaq last month, citing DoorDash as a competitor in its prospectus. Cloud software vendor Klaviyo filed to go public on the NYSE last month.
DoorDash initially started trading on the NYSE in December 2020 at a price of $182 per share. Its IPO coincided with those of Airbnb, Roblox, and Wish, the discount marketplace. Among these companies, only Roblox trades on the NYSE.
WATCH: Investor Rick Heitzmann suggests that Arm and Instacart IPOs are ushering in a more rational environment.
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