Instacart on Monday said it plans to offer 22 million shares at an estimated price of $26 to $28 per share with lead underwriters Goldman Sachs and JPMorgan in a bid to raise about $594 million in its upcoming initial public offering.
Including the overallotments stock provided to the underwriters, Instagram will have about 331 million shares outstanding, giving it a market capitalization of about $8.9 billion, based on an IPO price at the midpoint of the proposed range.Instacart plans to trade on the Nasdaq under the symbol CART.
Instacart is an online shopping app that allows customers to order food and other products from local grocery stores.
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