Online grocery delivery startup Instacart Inc. is preparing to set a price range for its initial public offering and start its investor roadshow as early as Monday, according to people familiar with the matter.
(Bloomberg) — Online grocery delivery startup Instacart Inc. is preparing to set a price range for its initial public offering and start its investor roadshow as early as Monday, according to people familiar with the matter.
The company is considering pricing its listing Sept. 19, with trading starting the following day, said the people, who asked not to be identified because the matter is private. The plans are fluid and the timeline could still change depending on market conditions, according to the people.
A representative for Instacart declined to comment.
Instacart’s listing could further energize an IPO market that has been warming in fits and starts. Semiconductor designer Arm Holdings Ltd. just set a price range for its IPO — the biggest listing of the year — which is expected to start trading as early as next week.
Klaviyo Inc., an e-commerce marketing company, also is preparing for a public listing. It’s working on a similar timeline as Instacart, with the price range expected as early as Monday, according to people familiar with the deliberations. Like Instacart, the listing could price on Sept. 19, they said. Klaviyo declined to comment.
Founded in 2012, Instacart has been preparing to go public for years, hoping to capitalize on its surging popularity during the coronavirus pandemic as online shopping for groceries became the norm.
Instacart raised $2.74 billion as a startup and was valued at $39 billion in 2021, according to data provider PitchBook. But as the pandemic waned — and diners began to emerge from lockdowns and return to restaurants — Instacart’s growth faded too. That forced the company to slash its internal valuation three times last year to about $13 billion by last October.
PepsiCo Inc. is a backer of the IPO, Instacart’s prospectus showed.
–With assistance from Natalie Lung.
(Updates with Klaviyo in fifth paragraph.)
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