DoorDash Inc. priced shares in its initial public offering at about $102 apiece, according to people familiar with the matter, a sign of strength both for the meal-delivery company and the overall IPO market.

The price equates to roughly $39 billion using a fully diluted share count and including proceeds from the offering, which raised $3.37 billion. It is above the $90 to $95 a share range the San Francisco company had been targeting after boosting initial expectations it established last week.

The $102 IPO price caps a stunning run-up in the company’s valuation and marks the latest sign of euphoria in the IPO market. Earlier this year, DoorDash was privately valued at more than $15 billion, up from $1.4 billion in 2018.

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