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.

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