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SoftBank sells 11.4 million shares of DoorDash – source

softbank-sells-11.4-million-shares-of-doordash-–-source

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

They were priced at around US$182.95 each, a Bloomberg report https://www.bloomberg.com/news/articles/2021-08-19/doordash-block-worth-2-2-billion-is-said-offered-by-softbank-ksizv6i1?sref=WJKVI5nK said, valuing the sale at around US$2.2 billion. Shares of DoorDash were last down around 5.3per 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.

(Reporting by Echo Wang in New York and Sohini Podder in Bengaluru; additonal reporting by Praveen Paramasivam in Bengaluru; Editing by Arun Koyyur)

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