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%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »