Instacart aims for valuation of up to $10 billion in upcoming IPO

Technology

Fidji Simo, CEO of Instacart Inc., speaks during an interview in San Francisco, March 3, 2022.
David Paul Morris | Bloomberg | Getty Images

Grocery delivery platform Instacart raised its initial price range to between $28 and $30 per share in a regulatory filing Friday, aiming for a valuation of up to $10 billion.

Instacart plans to offer 22 million total shares when it debuts on the Nasdaq, including from current shareholders, and could raise up to $660 million. PepsiCo has also agreed to purchase $175 million in a concurrent private placement, according to the company’s securities filing.

The company will trade under the ticker “CART.”

Despite upping its price range — the day after a successful Arm Holdings debut — Instacart’s valuation has plunged significantly since 2021, when it raised $265 million at a $39 billion valuation.

The company has turned a profit in recent months, reporting a net income of $242 million for the first six months of 2023, compared to a net loss of $74 million in the year-ago period, according to the securities filing.

September is already shaping up to be a busy month for initial public offerings. Beyond Arm Holdings and Instacart, marketing automation firm Klaviyo and biotechnology firm Neumora are set to list soon.