Instacart prepares to set IPO price range as early as Monday

ONLINE grocery delivery startup Instacart is preparing to set a price range for its initial public offering (IPO) and start its investor roadshow as early as Monday (Sep 11), according to people familiar with the matter.

The company is considering pricing its listing Sep 19 and then start trading the following day, the sources said, asking not to be identified because the matter is private.

The company’s plans are fluid and the timeline could still change depending on market conditions, the sources said.

A representative for Instacart declined to comment.

Instacart’s listing could further energise an IPO market that has been warming in fits and starts. Semiconductor designer Arm Holdings set a price range for its IPO, which is expected to start trading in the biggest listing of the year as early as next week.

Founded in 2012, Instacart has been preparing to go public for years, hoping to capitalise on its surging popularity during the coronavirus pandemic as online shopping for groceries became the norm.

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PepsiCo is a backer of the IPO, its prospectus showed.

Instacart raised US$2.74 billion as a startup and was valued at US$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, forcing the company to slash its internal valuation three times last year to about US$13 billion by last October. BLOOMBERG