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Instacart's IPO surges as the grocery delivery company goes from the supermarket to the stock market

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Instacart's shares surged Tuesday in the grocery delivery company’s stock market debut. The San Francisco-based company's shares were up about 30% shortly after they started trading on the Nasdaq stock exchange under the ticker symbol “CART.” Instacart raised $660 million in its initial public offering, selling 22 million shares at $30 apiece. The pricing of the IPO gave Instacart a market value of around $10 billion, significantly lower than the $39 billion value placed on it after a fund-raisi

Instacart's shares surged Tuesday in the grocery delivery company’s stock market debut.

Instacart provides delivery and pickup from 85% of U.S. grocers, or more than 80,000 stores, using a network of 600,000 freelance shoppers. It also provides in-store technology, like smart carts and electronic shelf tags, and sells online ads to food companies and retailers.In a letter to investors earlier this month,said grocery delivery has tremendous potential. The U.S. grocery market is a $1.1. trillion industry, but only 12% of sales are made online.

That market is also increasingly competitive. Instacart faces growing pressure from companies including Uber Eats and DoorDash, which both began delivering groceries in 2020. Some grocers have unwound partnerships with Instacart or built up their own delivery capability. H-E-B, a Texas chain, encourages customers to shop on its own site, not Instacart’s, if they want lower-cost delivery, Bishop said. Other big grocers, like Walmart and Target, also do their own deliveries.

 

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