Instacart Soars Up to 43% in Debut After $660 Million IPO
Online grocery delivery business Instacart jumped as much as 43% in its trading debut, adding momentum to a rebound for initial public offerings.
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WSJ Instacart news
Instacart’s shares opened trading Tuesday at $42 each after selling for $30 at the top of a marketed range to raise $660 million for the year’s fourth-biggest US IPO. The shares were up 31% to $39.21 at 1 p.m. in New York, giving the San Francisco-based company a market value of $10.9 billion.
- Instacart’s valuation rises to about $13 billion on a fully diluted basis.
That’s a steep plunge from its $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.
Instacart’s listing combined with Arm Holdings Plc’s is giving equity capital markets much-needed relief after the longest drought since 2009 in the depths of the financial crisis.
As a venture-backed consumer startup, success in its trading debut could pry open the IPO market for other companies looking to go public.
