Instacart is aiming for a valuation of up to $7.73 billion (€7.2 billion) in its initial public offering in New York, the grocery delivery service said, in another step toward a hotly-anticipated listing.
The San Francisco-based company and its selling shareholders are looking to raise up to $616 million (€574.3 million) by offering 22 million shares priced between $26 and $28 each, it said in a regulatory filing.
It is expected to list its shares in September, joining high profile names such as SoftBank's chip designer Arm and marketing automation firm Klaviyo that are testing investor appetite for new listings.
The rush toward market debuts follows a lull in US IPO market for a major part of the last two years following Russia's invasion of Ukraine and a surge in borrowing costs.
A Nascent Recovery
If successful, the listings by Arm, Instacart and Klaviyo could nurture a nascent recovery in new listings amid growing expectations of a pause in interest rate hikes by the Federal Reserve.
Instacart's long road to a New York listing saw the company reportedly cut its internal valuation to as low as $10 billion (€9.3 billion) in December 2022, compared to the $39 billion (€36.4 billion) price tag it had fetched in its last funding round more than two years ago.
It filed for the IPO as 'Maplebear,' the name under which it is incorporated. Its shares are expected to trade on the Nasdaq under the symbol 'CART'.
Goldman Sachs and J.P.Morgan are the lead underwriters.
Last month, Instacart said its core business turned profitable after making public its filing for a long-awaited stock market launch, while also disclosing an investment from PepsiCo Inc.