DoorDash has announced that it will transfer its stock listing from the New York Stock Exchange (NYSE) to the Nasdaq, with trading on the Nasdaq set to begin on September 27, 2023. The food delivery company will continue to trade under the same symbol, “DASH.”

This move is seen as a potential setback for the NYSE, which has been striving to attract more tech company listings and compete with the Nasdaq. Over the years, the Nasdaq has been the preferred exchange for many tech companies, with significantly more tech-related initial public offerings (IPOs) than the NYSE.

DoorDash’s decision to switch to the Nasdaq comes as the tech IPO market shows signs of revival after a slowdown since late 2021. Other tech companies, such as Instacart and Klaviyo, have also made recent moves to go public on the Nasdaq or the NYSE.

DoorDash initially went public on the NYSE in December 2020, with an opening share price of $182. During that time, there was a surge in tech IPOs, with companies like Airbnb, Roblox, and Wish also going public. Of these companies, only Roblox is currently listed on the NYSE, while the others have opted for the Nasdaq.

The decision to transfer its listing to the Nasdaq suggests that DoorDash sees value in being part of the Nasdaq’s technology-focused community of companies, and it may align with the company’s tech-driven identity and aspirations for the future.