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

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The valuation is significantly lower than the previous estimate of US$39 billion in 2021.

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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