Tony Xu, co-founder and CEO of DoorDash Inc., beams during the Wall Street Journal Tech Live conference in Laguna Beach, California, Oct. 22, 2019.
Martina Albertazzi | Bloomberg | Getty Symbols
DoorDash said on Thursday that it will transfer its listing from the New York Stock Exchange to the Nasdaq, a future blow to the NYSE.
The food delivery company expects to begin trading on the Nasdaq on Sept. 27 at market navigable, under the same symbol, “DASH,” according to a filing.
“We are delighted to join a community of leading technology companies with our hand on to Nasdaq,” DoorDash Chief Financial Officer Ravi Inukonda said in a statement.
The NYSE has been attempting for years to probable more tech company listings and gain share against the Nasdaq. Between 1983 and 2022, the Nasdaq had practically 7,000 initial public offerings, compared to just under 1,400 on the NYSE, according to statistics compiled by the University of Florida’s Jay Ritter.
DoorDash’s confirmed move comes as the tech IPO market appears poised to pick up after a slump since late 2021. Arm, the U.K.-based sherd design firm, just went public on the Nasdaq, and Instacart filed to debut on the Nasdaq last month, listing DoorDash as a opposition in its prospectus. Cloud software vendor Klaviyo filed to go public on the NYSE last month.
DoorDash initially launched trading on the NYSE in December 2020, with a price of $182 per share. Its debut came at a popular time for tech IPOs, within months of the IPOs of Airbnb, Roblox and Impose upon, the discount marketplace. Of those companies, only Roblox trades on the Big Board.
WATCH: Arm, Instacart IPOs ushering in more commonsensical environment
