According to sources, the supermarket delivery service Instacart plans to go public at a valuation of $8.6 billion to $9.3 billion.
On Monday, Instacart is anticipated to formally announce the range of its anticipated valuation, a source with knowledge of the situation told Reuters. On Sunday, the valuation objective was covered for the first time by The Wall Street Journal.
The initial statistics represent a stark shift from what Instacart was previously valued at, according to the WSJ story, but the valuation may yet alter as the business works to advertise its IPO to investors. Instacart reduced its valuation from $39 billion to $24 billion after public equities fell in March of last year. By late 2022, the valuation reportedly dropped by an additional 50%.
However, despite its narrower valuation band, Instacart is still making a big move towards reviving the IPO market, which has been largely dormant since late 2021. Since December of that year, no noteworthy venture-backed technology IPOs have occurred.