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Online Grocery Delivery Service Instacart Plans To List For Up To $7.7 Billion

Instacart revised its registration for its forthcoming initial public offering on Monday, announcing that it intends to raise up to $616 million in new capital alongside current shareholders at a potential valuation of $7.7 billion.

Instacart stated in the filing that it is pricing its first public offering at between $26 and $28. Instacart announced that it would issue a total of 22 million shares, of which 14.1 million would be newly issued by the business and 7.9 million would come from selling investors. With prices on the higher end of that range, Instacart hopes to make about $616 million.

If underwriters exercise their option to buy further shares, Instacart’s total number of outstanding common shares will be 279.3 million, or 276 million. Instacart will most likely be valued at around $7.7 billion with a total of 276 million shares. The company’s valuation might reach $7.8 billion if underwriters decide to purchase further shares.

PepsiCo, a global food conglomerate, was slated to invest $175 million in the business through a concurrent private offering, according to a previous statement by Instacart. One of the underwriters, Goldman Sachs, will serve as the private placement’s agent and be compensated with a commission equal to 1.5% of the total share price sold.

Source (CNBC)

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