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DoorDash to Dash over to NASDAQ

DoorDash (NYSE:DASH) said on Thursday that it will transfer its listing from the New York Stock Exchange to the NASDAQ, a potential blow to the NYSE.

The food delivery company expects to begin trading on the NASDAQ on Sept. 27 at market open, under the same symbol, “DASH,” according to a filing.

The NYSE has been attempting for years to secure more tech company listings and gain share against the Nasdaq. Between 1983 and 2022, the Nasdaq had nearly 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 announced move comes as the tech IPO market appears poised to pick up after a slump since late 2021. Arm, the U.K.-based chip design firm, just went public on the Nasdaq, and Instacart filed to debut on the Nasdaq last month, listing DoorDash as a competitor in its prospectus. Cloud software vendor Klaviyo filed to go public on the NYSE last month.

DoorDash initially began 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 Wish, the discount marketplace. Of those companies, only Roblox trades on the Big Board.

DASH shares retreated $2.27, or 2.7%, to $80.71.