Instacart on Monday said it plans to offer 22 million shares at an estimated price of $26 to $28 a share with lead underwriters Goldman Sachs and J.P. Morgan in a bid to raise about $594 million in its upcoming initial public offering. Including the overallotments stock provided to the underwriters, the grocery store app will have about 279.
33 million shares outstanding, giving it a market capitalization of about $7.5 billion, based on an IPO price at the midpoint of the range. Instacart plans to trade on the Nasdaq under the symbol CART. The company, which is formally called Maplebear Inc., reported net income of $27 million and revenue of $1.48 billion in the six months ended June 30, compared to a loss of $74 million and revenue of $1.13 billion in the year-ago period.