Grocery delivery service Instacart is targeting a valuation between $8.6 billion and $9.3 billion in its initial public offering, according to a person familiar with the matter.
steep drop from the firm's $39 billion valuationLike SoftBank's chip designer Arm Holdings Ltd and marketing automation firm Klaviyo, Instacart is expected to list its shares in September - part of a wave of high-profile names testing investor appetite for new listings.the road show for its IPO last week with the aim of raising roughly $4.9 billion in an offering that would value the company at as much as $52 billion, in what is expected to be this year's biggest share sale.
Instacart had considered a direct listing, sources told Reuters earlier. Unlike an IPO, no shares are sold in advance in a direct listing and investors can sell their shares directly to the public.of $1.48 billion, up 31% from the same period last year. Advertising and other revenue surged 24% to $406 million. It reported net income of $242 million during the six-month period, compared with a $74 million loss a year earlier.
Instacart's high-profile investors include Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Co and T Rowe Price. Reporting by Anirudh Saligrama, Manya Saini, Niket Nishant in Bengaluru and Echo Wang in New York; Editing by Cynthia Osterman and Leslie Adler
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