US EditionInstacart prices IPO at $30 a share, valuing grocery delivery company at about $10 billion
- Grocery delivery app Instacart, the parent company of Maplebear Inc, priced its IPO at the top of its indicated range, fetching a fully diluted valuation of $9.9 billion. This is significantly lower than the $39 billion valuation during a private fundraising round in 2021, attributed to the surge in demand for grocery delivery due to the COVID-19 pandemic.
- Instacart has transitioned from sacrificing growth for profitability and has proved that its business model can generate earnings. In the second quarter of 2022, the company reported $114 million in net income, a significant increase from the $8 million reported the previous year. This shift in focus has resulted in a decrease in revenue growth compared to the early months of the pandemic.
- Instacart faces competition from retail giants such as Amazon, Target, and Walmart, which offer their own delivery services. Despite this, Instacart has continued to generate revenue by delivering groceries from various chains like Kroger, Costco, and Wegmans.
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Instacart sets IPO price at $30 a share, valuing the company at about $10 billion
Instacart sets IPO price at $30 a share, valuing the company at about $10 billion DEE-ANN DURBIN Sept. 18, 2023 Instacart on Monday priced its initial public offering of stock at $30 a share, raising $660 million for the grocery delivery company.San Francisco-based Instacart sold 22 million shares in the IPO. Trading of the company's stock is set to begin Tuesday on the Nasdaq stock exchange under the stock symbol CART.The price…
Instacart sets IPO price at $30 a share, valuing the company at about $10 billion
Instacart on Monday priced its initial public offering of stock at $30 a share, raising $660 million for the grocery delivery company.San Francisco-based Instacart sold 22 million shares in the IPO. Trading of the company's stock is set to begin Tuesday on the Nasdaq stock exchange under the stock symbol “CART.”The price was at the high end of an earlier range estimated by Instacart, reflecting a renewed confidence in tech stocks after last week…
Instacart sets IPO price at $30 a share, valuing the company at about $10 billion
Instacart has priced its initial public offering of stock at $30 a share, raising $660 million for the grocery delivery company. San Francisco-based Instacart sold 22 million shares in the
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