Instacart Soars 40% as It Begins Trading, an Encouraging Sign for Tech I.P.O.s

Logo The New York TimesThe New York Times
2023-09-19 17:06:58  • 2 mins

Shares opened at $42 on Tuesday, valuing the grocery delivery company at $13.9 billion.

Initial public offerings are back, warts and all.

Shares of the grocery delivery company Instacart opened for trading on Tuesday at $42, up 40 percent from their initial public offering price of $30. The performance signaled that investors are eager to take a chance on young tech companies but only at the right price.

Instacarts market capitalization, including all outstanding shares, totaled $13.9 billion. But even with the stock price pop, the companys valuation remained a far cry from the $39 billion that investors assigned it in the private market in 2021. It was a painful loss to investors who had bought in at that peak, sending a harsh reality check to other start-ups that raised money at inflated valuations.

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