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SoftBank sells 11.4 million shares of DoorDash: Report

SoftBank sells 11.4 million shares of DoorDash: Report

A DoorDash sign is pictured on a restaurant in the Manhattan borough of New York City, New York, US, Dec 9, 2020. (Photo: REUTERS/Carlo Allegri)

NEW YORK: SoftBank Group Corp sold 11.4 million shares of food delivery company DoorDash, marketed via Goldman Sachs Group, a source familiar with the matter said on Thursday.

They were priced at around US$182.95 each, a Bloomberg report said, valuing the sale at around US$2.2 billion. Shares of DoorDash were last down around 5.3 per cent.

The share sale comes a week after DoorDash, in its quarterly earnings report, predicted a seasonal decline in order rates and new customer addition in the current quarter.

The company had reported a bigger loss in the second quarter than expected as it spent heavily to expand internationally and into a crowded market for grocery during the pandemic.

Source: Reuters

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