SoftBank soars on US$11bil DoorDash gain, buyout prospect

SoftBank owns 20% of DoorDash post IPO, a stake it acquired over a period of two years for US$680mil.

TOKYO: SoftBank Group Corp shares surged as its paper profit from the initial public offering (IPO) of DoorDash Inc hit US$11.2bil, adding to gains from the prospect the Japanese company could attempt to go private.

The Tokyo-based company’s stock rose 11% to 8,306 yen a share, the biggest jump since March. DoorDash shares closed up 86% on the first day of trading, giving the food-delivery company a market capitalisation of US$60bil.