Fidji Simo, CEO of Instacart Inc., speaks during an interview in San Francisco, March 3, 2022.
David Paul Morris | Bloomberg | Getty Images
Grocery delivery platform, Instacart, is aiming for a valuation of up to $10 billion as it raises its initial price range to between $28 and $30 per share, according to a regulatory filing released on Friday.
For its debut on the Nasdaq, Instacart plans to offer a total of 22 million shares, including those from current shareholders, potentially raising up to $660 million. In addition, PepsiCo has agreed to purchase $175 million in a concurrent private placement, as stated in the company’s securities filing. The company will trade under the ticker symbol “CART.”
Despite raising its price range shortly after the successful debut of Arm Holdings, Instacart’s valuation has significantly dropped since 2021. Back then, the company secured $265 million at a valuation of $39 billion.
In recent months, Instacart has achieved profitability, reporting a net income of $242 million for the first half of 2023, compared to a net loss of $74 million during the same period last year, as outlined in the securities filing.
September is shaping up to be a busy month for initial public offerings (IPOs). In addition to Arm Holdings and Instacart, marketing automation firm Klaviyo and biotechnology firm Neumora are planning to go public.
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