Salem Radio Network News Thursday, September 28, 2023


Instacart valued at $9.9 billion in IPO

By Echo Wang

(Reuters) – Maplebear Inc, the parent of grocery delivery app Instacart, disclosed on Monday it fetched a $9.9 billion fully diluted valuation after pricing its initial public offering (IPO) at the top of its indicated range.

The valuation is a fraction of the $39 billion value that investors assigned to Instacart in a private fundraising round in March 2021, at the height of the COVID-19 pandemic which pushed consumers to order groceries at home.

The IPO was priced at $30 per share after the company marketed it with a range of $28 to $30 per share. That range had been revised upwards from $26 to $28 per share, following strong investor demand.

The IPO raised $660 million based on 22 million shares sold. The shares are scheduled to start trading on Nasdaq on Tuesday.

(Reporting by Echo Wang in New York, Editing by Rosalba O’Brien)


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