Instacart is looking at a valuation of less than $10B, compared to $39B in 2021

As Instacart’s IPO kicked off yesterday, it slashed its valuation as the company looks to sell 22 million shares for between $26 and $28.

The VC-backed company is looking at a valuation of less than $10 billion, much below the $39 billion it reached in 2021.

Another company, Klaviyo—also launched its IPO roadshow Monday—cut its valuation from $9.5 billion in 2022 to below $9 billion.

All eyes on Klaviyo
It is the latest tech company to try to join the public markets that have been stuck in a quagmire for over a year now.