Instacart sets IPO price at $30 a share, valuing the company at about $10 billion

  • 📰 sdut
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 95%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

Instacart has priced its initial public offering of stock at $30 a share, raising $660 million for the grocery delivery company

Instacart on Monday priced its initial public offering of stock at $30 a share, raising $660 million for the grocery delivery company.

San Francisco-based Instacart sold 22 million shares in the IPO. Trading of the company’s stock is set to begin Tuesday on the Nasdaq stock exchange under the stock symbol “CART.” The price was at the high end of an earlier range estimated by Instacart, reflecting a renewed confidence in tech stocks after last week’s successfulThe price gives Instacart a market value of around $10 billion. That’s far lower than the $39 billion valuation the company announced in early 2021.

Instacart is the market leader among third-party grocery delivery companies, according to YipitData, a market research firm. But it faces growing competition from others, including DoorDash and Uber Eats. It also competes with big grocers like Walmart, which offer their own delivery. Instacart provides delivery and pickup from 85% of U.S. grocers, or more than 80,000 stores, using a network of 600,000 freelance shoppers. It also provides in-store technology, like smart carts and electronic shelf tags, and sells online ads to food companies and retailers.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 5. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Instacart prices IPO at $30 a share, valuing grocery delivery company at about $10 billionGrocery delivery company Instacart is poised to debut on the Nasdaq on Tuesday after selling shares at $30 a piece in its IPO
Källa: NBCPhiladelphia - 🏆 569. / 51 Läs mer »