Instacart's IPO surges as the grocery delivery company goes from the supermarket to the stock market

At Instacart's San Francisco headquarters, CEO Fidji Simo and other executives celebrated the IPO by ringing a bell-shaped like the company's carrot logo. Around 1,000 employees attended, the company said. Instacart's shares are trading under the ticker symbol "CART."

Joe Endoso, President at Linqto, an investment platform, said a successful listing by Instacart could prod others ---- especially tech companies ---- to consider IPOs in the coming months. 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.In a letter to investors earlier this month, said grocery delivery has tremendous potential. The U.S. grocery market is a $1.1. trillion industry, but only 12% of sales are made online.

That market is also increasingly competitive. Instacart faces growing pressure from companies including Uber Eats and DoorDash, which both began delivering groceries in 2020. Instacart orders can cost consumers 15% to 20% more than shopping in stores because of delivery fees and product markups, Bishop said.

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