Delivery startup Instacart seeks US$10bil IPO amid industry woes

Instacart’s revenues spiked during the Covid pandemic, but businesses have dropped, leading to a cut in its workforce.

The company is to start pitching its initial public offering to investors at the lower valuation as early as Monday, “in the latest sign of diminished investor enthusiasm” for tech IPOs, the financial daily reported, citing sources close to the matter. The valuation — which the company is targeting at US$8.6 to US$9.2 billion — could change between now and then as the company receives investor feedback, the Journal reported.

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WSJ: Instacart seeks US$10b valuation amid industry woesNEW YORK, Sept 11 — US grocery delivery startup Instacart is seeking a valuation of under US$10 billion as it goes public later this month, the Wall Street Journal reported...
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