At the IPO price, Instacart has a fully diluted valuation of US$9.9 billion. That’s a steep plunge from its US$39 billion valuation in a 2021 funding round when its business boomed amid pandemic lockdowns, but still ranks it as one of the biggest companies to go public this year.
Grocery delivery business Instacart priced its initial public offering at the top of a marketed range to raise US$660 million in the second marquee listing in a week.
The San Francisco-based company sold 22 million shares for US$30 each on Monday, according to a statement. Instacart and current shareholders had offered the shares for US$28 to US$30, a range that was elevated after chip designer Arm Holdings rose 25% in its trading debut Thursday after the year’s biggest IPO.
