(Reuters) - Japanese technology giant SoftBank Group Corp scored a $11.2 billion gain in the value of its stake in DoorDash Inc. following the U.S. food delivery app's blockbuster stock market debut on Wednesday.
SoftBank, which invested $680 million in DoorDash in the last three years, saw the value of its 25% stake in the company rise to $11.9 billion on the first day of trading.
DoorDash shares ended trading up 87.5% following their debut on Wednesday, valuing the company at $68.4 billion, more than four times its valuation in a private fundraising round six months ago.
SoftBank's DoorDash gains is a boon to Chief Executive Masayoshi Son's efforts to revive its $100 billion Vision Fund, which recorded a string of losses in the past year on soured bets ranging from office space-sharing start-up WeWork to dog-walking startup Wag.
Last month, SoftBank said its Vision Fund was now worth about $76.4 billion, slightly more than the $75 billion paid for its 83 investments, due mainly to the tech-fueled rebound in public markets from a coronavirus-induced downturn earlier this year.
SoftBank has had other investment wins of late, including a rally in the shares of ride-hailing app Uber Technologies Inc, where it is a top shareholder, and the sale of semiconductor manufacturer Arm Ltd to Nvidia Corporation for $40 billion.
SoftBank's Vision Fund had invested in DoorDash over four fundraising rounds. It paid $280 million for its first DoorDash stake in March 2018, before buying more shares over two rounds in the following year for about $350 million. The fund made its last DoorDash investment worth about $50 million in June 2020, according to regulatory filings.
Reprinted from Reuters. The copyright is reserved by the original author.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن