NEW YORK (BLOOMBERG) – DoorDash raised US$3.37 billion (S$4.5 billion) in an initial public offering (IPO) above its marketed range, according to people familiar with the matter.

The San Francisco-based company sold 33 million shares on Tuesday (Dec 8) for US$102 each after marketing them for US$90 to US$95 each, said the people, who asked not to be identified because the information wasn’t public yet. At that price, DoorDash has a fully diluted value of about US$38 billion, which includes employee stock options and restricted stock units.

DoorDash’s IPO is one of the largest US tech listings this year. The company is part of a cadre of consumer-facing, web-based businesses that are expected to go public in December – including home-rental platform Airbnb, which is set to price its IPO on Wednesday. Others include video-game company Roblox Corp, installment loans provider Affirm Holdings and ContextLogic, the parent of online discount retailer Wish.

Food delivery start-up DoorDash has seized on the pandemic-fueled boom in demand for meals brought to your door, as well as investor exuberance over new stock listings as it moves ahead with its IPO. Revenue in the first nine months of the year more than tripled and its net loss narrowed from a year earlier on a surge in new customers, the company said in the filing.

With DoorDash, companies have now raised more than US$160 billion in IPOs on US exchanges this year, an all-time high, according to data compiled by Bloomberg. Several more are expected before the end of the year as companies that put off listing plans during the early days of the Covid-19 pandemic regain the confidence to put their shares on public markets.

DoorDash’s offering is being led by Goldman Sachs Group and JPMorgan Chase & Co, with Barclays, Deutsche Bank, RBC Capital Markets and UBS Group also on the deal. DoorDash’s shares are expected to begin trading on Wednesday on the New York Stock Exchange under the symbol DASH.