HomeTechnologyInstacart Sets $616 Billion Target for IPO

Instacart Sets $616 Billion Target for IPO

Online grocery delivery company Instacart is looking to raise $616 billion when it goes public, making it one of the largest initial public offerings of the year. The company revealed in a filing on Monday that it plans to offer 14.1 million shares, priced between $26 and $28 each. Existing shareholders will make 7.9 million shares available at the same price.

The largest online grocery service in the U.S., Instacart could lead a rebound in U.S. listings after what has been the longest period of stagnation for American IPOs since the financial crisis of 2009. Arm Holdings Ltd, is also expected to play a role in this revival, with the SoftBank Group-owned company expecting to raise $4.87 billion later this week.

Over the first six months of 2023, Instacart saw its revenue surge by 31% to about $1.5 billion, driven by its higher-margin advertising segment. Net income for the first half of the year was $242 million, compared to a loss of $74 million during the same period last year.

Cathie Wood’s ARK Invest Sets Lofty Expectations for Tesla Stock, Expects it to Reach $2,600 By 2029

Investment management firm ARK Invest and their CEO Cathie Wood continue to be high on the shares of electric vehicle maker Tesla. In a...

NextEra Energy Stock Sliding After Power Company Announces Sale of $2 Billion of Equity Units

The shares of power company NextEra Energy have been sliding this week after the company announced plans to sell $2 billion of equity units....

Wells Fargo is Having Second Thoughts About Rent Credit Card Partnership With Bilt

Back in 2022, banking giant Wells Fargo teamed up with fintech startup Bilt Technologies to launch a new credit card that allowed users to...