Instacart raises $660 mn via IPO
US-based grocery delivery company goes from supermarket to stock market
Driving Growth
♦ US grocery market is $1.1-trn industry
♦ But only 12% of sales are made online
♦ Instacart controlled 70% of third-party US grocery delivery market
♦ The US had just 71 IPOs in 2022, lowest number since 2009
Instacart is heading from the supermarket to the stock market. The San Francisco-based grocery delivery company raised $660 million in its initial public offering (IPOs) of stock, selling 22 million shares at $30 apiece. Its shares were set to begin trading on Tuesday on the Nasdaq stock exchange under the stock symbol ‘CART’.
The pricing of the IPO gave Instacart a market value of around $10 billion, significantly lower than the $39 billion value placed on it after a fund-raising round in 2021. Instacart provides delivery and pickup from 85 per cent of US grocers.
