Some of the banks handling DoorDash's $3.4 billion IPO walked away with more than $20 million in fees. Here's how much Goldman, JPMorgan, and four other banks each made.

  • Bookrunners on DoorDash's $3.4 billion IPO walked away, in some cases, with more than $20 million in underwriting fees after the at-home delivery service hit the public markets on December 9th. 
  • Goldman Sachs, JPMorgan, Barclays Capital, Deutsche Bank, RBC Capital Markets, and UBS Securities were bookrunners on the deal.
  • Business Insider estimated what each of the bookrunners received in IPO fees based on data from Dealogic.
  • Visit Business Insider's homepage for more stories.

In a year dominated by at-home delivery services, DoorDash just delivered something special to the lead underwriters who advised on the company's IPO last week: rich rewards.

Indeed, bookrunners on the deal in some cases earned upwards of $20 million for their advisory services on the IPO. DoorDash's stock popped 78% above its IPO price of $102 a share when it opened for trading on December 9 at $182. The stock has since dropped to around $156, as of Tuesday afternoon. 

Read more: Why the IPO market is exploding in a frenzy that rivals even the 1999 euphoria

Bookrunners on the DoorDash IPO included Goldman Sachs, JPMorgan, Barclays Capital, Deutsche Bank, RBC Capital Markets, and UBS. Many of the banks walked away with handsome fees from getting the startup onto the public markets. 

How much did the investment banks involved in the deal walk away with?

To calculate underwriter fees for the bookrunners, Business Insider used the gross fee collected by all the underwriters — $80.7 million, according to Dealogic. The gross fee was then divided amongst bookrunners based on the percentage of shares each underwrote for DoorDash.

Spokespersons for all six bookrunners declined to comment on the fees. 

Here's the breakdown of how much we estimate each bookrunner received in underwriting fees off the back of the DoorDash IPO.

  • Goldman Sachs: $27.44 million
  • JPMorgan: $24.41 million
  • Barclays: $5.85 million
  • Deutsche Bank: $5.65 million
  • RBC Capital Markets: $5.65 million
  • UBS: $5.65 million

The remaining $6.05 million in fees were split amongst the co-mangers on the IPO: Mizuho Americas, JMP Securities, Needham, Oppenheimer, Piper Sandler, and William Blair.

Big first-day pops in newly listed companies have attracted criticism from some market watchers, who say the main benefactors are the banks underwriting the deals and their customers, not the companies themselves. DoorDash CEO Tony Xu told Reuters the company intentionally priced its IPO in line with what it thought its fundamentals justified.

Read more: Meet the 7 new partners in Goldman Sachs' elite TMT division, advising on high-profile tech IPOs and deals for clients like Snowflake, Shopify, and Netflix

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