One twist in Tuesday’s closely watched Instacart IPO is that it marks the departure of co-founder Apoorva Mehta, who started the company in 2012.
“I’m feeling an incredible amount of gratitude for all the hard work to make this day happen,” Mehta said in an interview with Barron’s. “An idea that started in my bedroom has transformed the way people shop for groceries.” Mehta said he sees his lack of healthcare experience as an asset, not a weakness. “I was a grocery industry outsider,” he said. “To start a new company you have to have a beginner’s mind-set. Look at any of the more transformational companies. They tend to be started by outsiders.”
Instacart shares came public at $30 a share. They opened for trading Tuesday at $42, before slipping back to close at $33.70.