In a regulatory filing on Friday, grocery delivery service Instacart increased its initial pricing range to between $28 and $30 per share, aiming for a valuation of up to $10 billion.
With current shareholders included, Instacart intends to offer a total of 22 million shares when it lists on the Nasdaq, with the potential to raise as much as $660 million. According to the company’s securities filing, PepsiCo has also agreed to buy $175 million in a related private placement.
Under the ticker “CART,” the company will trade.
Instacart’s valuation has substantially decreased since 2021, when it received $265 million at a $39 billion valuation, while increasing its price range the day after a successful Arm Holdings debut.
According to the securities filing, the business has started to make money lately, posting a net income of $242 million for the first half of 2023, versus a net loss of $74 million in the same time last year.
Source (CNBC)
