{"id":53402,"date":"2023-08-26T19:25:32","date_gmt":"2023-08-26T23:25:32","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/instacart-files-papers-for-initial-public-offering\/"},"modified":"2023-08-26T19:25:35","modified_gmt":"2023-08-26T23:25:35","slug":"instacart-files-papers-for-initial-public-offering","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53402","title":{"rendered":"Instacart files papers for initial public offering"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com — Delivery platform Instacart has filed its paperwork for an initial public offering, joining a spate of other companies hoping to reopen the window for new listings.<\/p>\n

The company didn\u2019t disclose the size and pricing of its offering, but it aims to list on Nasdaq under the symbol \u201cCART.\u201d Goldman Sachs and JPMorgan are managing the offering. <\/p>\n

Earlier this week, Softbank\u2019s chip designing firm Arm filed its IPO paperwork in what is anticipated to be the biggest public debut of 2023. And earlier on Friday the marketing automation firm Klaviyo filed its papers.<\/p>\n

Instacart said revenue rose 39% in 2022 from the year before and rose 31% for the first six months of this year compared with the same period a year ago.<\/p>\n

The app surged in popularity during the pandemic, when people were staying home and ordering delivery. But then people started emerging from Covid lockdowns. Instacart, once valued at $39 billion, slashed its valuation to around $13B by last fall.<\/p>\n

The filing said Norges Bank Investment Management, a division of Norges Bank, and entities affiliated with TCV, Sequoia Capital, D1 Capital Partners, L.P., and Valiant Capital Management have indicated an interest \u201cseverally and not jointly\u201d in purchasing common shares in an aggregate amount of up to approximately $400 million in this offering \u201cat the initial public offering price per share and on the same terms as the other purchasers in this offering.\u201d<\/p>\n

The filing also said PepsiCo (NASDAQ:) agreed to purchase $175M of convertible preferred stock in a private placement. The shares will have a conversion price equal to the initial public offering price.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — Delivery platform Instacart has filed its paperwork for an initial public offering, joining a spate of other companies hoping to reopen the window for new listings. The company didn\u2019t disclose the size and pricing of its offering, but it aims to list on Nasdaq under the symbol \u201cCART.\u201d Goldman Sachs and […]<\/p>\n","protected":false},"author":1,"featured_media":53403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-53402","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nInstacart files papers for initial public offering | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com -- Delivery platform Instacart has filed its paperwork for an initial public offering, joining a spate of other companies hoping\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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