CNBC’s Jim Cramer said Wednesday he believes there is “rabid money” interested in upcoming technology IPOs, but he urged younger investors not to chase after DoorDash once the third-party delivery company goes public.
“When people know the brand, the younger investors just say, ‘You know what, get me some,'” Cramer said on “Squawk on the Street,” “DoorDash is used by a lot of younger people, both in the suburbs and in the cities, so I think you’re going to see incredible enthusiasm.”
DoorDash, which began trading Wednesday, sold shares in its initial public offering at $102 apiece, above its targeted