Instacart shares will be under the symbol ‘CART’. The San Francisco-based company was valued at $39 billion in early 2021 and has big rivals such as DoorDash, Uber Eats and Walmart
Grocery delivery app Instacart is set for its Nasdaq stock exchange debut today. The company released its IPO at $30 per share on Monday, raising $660 million and giving it a valuation of around $10 billion.
The latest IPO will be a litmus test for other startups to decide whether to follow Instacart’s lead. Its success could open a new wave of initial public offerings.
The San Francisco-based company was valued at $39 billion in early 2021 and has big rivals such as DoorDash, Uber Eats and Walmart, which offer similar grocery pickup and delivery services.
Instacart’s IPO was among the hotly watched this year, especially after the successful initial price offering of U.K. chip designer Arm Holdings last week, where the shares opened at $56.10 and closed at $63.59.
Marketing software firm Klaviyo will open trading tomorrow and footwear Birkenstock is looking at October for its IPO.
The success of these IPOs will be a breath of fresh air in the market that has been mostly quiet this year.