DoorDash's stellar IPO could boost Asia valuations

Singapore

DOORDASH'S stellar public market debut could bump up valuations for its peers in South-east Asia's food delivery sector and spur more investments in these fast-growing startups, market watchers told The Business Times.

The food delivery company hit a market value of US$60.1 billion on the first day of trading on the New York Stock Exchange, after its shares soared 85.8 per cent from its initial public offering (IPO) price to close at US$189.51 on Wednesday evening in the US.