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.

PCE Inflation Report Threatens to Delay Fed Rate Cuts

Investors are bracing for the release of the Personal Consumption Expenditures (PCE) report on Thursday, with markets concerned that hotter-than-expected inflation data could further...

U.S. Futures Decline Ahead of Inflation Report

Futures on the New York Stock Exchange declined on Wednesday ahead of a crucial inflation report that is expected to provide insight into the...

Stocks Hold Steady Ahead of Inflation Report

U.S. equities remained largely muted on Tuesday after reaching all-time highs as investors awaited the release of a crucial inflation report. The PCE index,...