Instacart Prices I.P.O. at $30 a Share, Raising $660 Million
The New York Times The grocery delivery company priced its offering at the high end of expectations, in a potentially upbeat sign for tech public offerings.
Instacart on Monday priced its shares at $30 each for its initial public offering, at the top of its expected range, in a sign of renewed demand for tech stocks.
The San Francisco-based grocery delivery company had estimated that its shares would be priced at $28 to $30 a share. Instacart raised $660 million in the offering and was valued at $9.9 billion, significantly below its last private fund-raising round in 2021, which valued the company at $39 billion.
The shares will begin trading on Tuesday on the Nasdaq stock exchange under the ticker symbol CART.
Instacarts offering showcases one of the largest gaps between a companys private and public market valuations, serving as a reality check for other highly valued, closely held start-ups. Many companies that raised money during the boom times of 2020 and 2021 have slashed their soaring valuations over the last year.
