Instacart valued at US$9.9-billion as IPO market rebounds

Maplebear Inc, the parent of grocery delivery app Instacart, disclosed on Monday it fetched a $9.9 billion fully diluted valuation after pricing its initial public offering at the top of its indicated range.

The IPO raised $660 million based on 22 million shares sold. The shares are scheduled to start trading on Nasdaq on Tuesday. These investors include Norges Bank Investment Management, a division of Norges Bank, and entities affiliated with venture capital firms TCV, Sequoia Capital, D1 Capital Partners and Valiant Capital Management. Sequoia and D1 Capital were existing Instacart shareholders.Instacart allows customers to order through its app and a “shopper” delivers the product in as little as 30 minutes. Its business has been more muted since the pandemic subsided, though it is trending up.

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