2023-09-10 19:34:12
(Modification of sources of supply and addition of context elements in paragraphs 5 to 7)
Sept. 10 (Archyde.com) – Grocery delivery service Instacart is targeting a valuation of between $8.6 billion and $9.3 billion for its IPO, according to a person familiar with the matter.
Valuation range will be disclosed in an update to the IPO regulatory filing on Monday, source said on Sunday
Instacart declined to comment.
The Wall Street Journal was the first to report (link) Sunday on Instacart’s IPO valuation target.
The targeted valuation is down sharply from the company’s $39 billion valuation (link) in 2021, when the coronavirus pandemic was raging and home deliveries were booming.
Like SoftBank-owned chip designer Arm Holdings Ltd and marketing automation company Klaviyo, Instacart is expected to list in September, part of a wave of high-profile names to test investor appetite for new listings.
Last week, Arm kicked off (link) its IPO roadshow, aiming to raise about $4.9 billion in an offering that would value the company at $52 billion, in what is expected to be the biggest stock sale of the year.
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