Instacart, the grocery delivery service, aims to secure up to $616 million in funding through its initial public offering, as revealed in a regulatory filing on Monday. This funding will be raised in collaboration with selling stockholders.
The San Francisco-headquartered firm, along with its selling shareholders, is making available 22 million shares at a price range of $26 to $28 each.
Just as SoftBank’s chip designer Arm and marketing automation company Klaviyo plan to go public, Instacart is anticipated to join the wave of prominent entities listing their shares in September, gauging investor interest in fresh offerings.
The initial public offering (IPO) market has experienced a significant lull over the past couple of years, primarily due to factors such as Russia’s invasion of Ukraine and the surge in interest rates.