Grocery delivery service Instacart aims for US$616-million raise in U.S. IPO

Grocery delivery service Instacart is looking to raise up to $616 million along with selling stockholders in its initial public offering, a regulatory filing showed on Monday.

The San Francisco-based company and its selling shareholders are offering 22 million shares priced between $26 and $28 apiece. Like SoftBank’s chip designer Arm and marketing automation firm Klaviyo, Instacart is expected to list its shares in September as part of a wave of high-profile names testing investor appetite for new listings.

The IPO market has been subdued for a major part of the last two years following Russia’s invasion of Ukraine and the spike in interest rates. Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.

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