(New York) American grocery delivery platform Instacart plans to raise $660 million in its IPO, according to a press release published Monday.
The unit price of the shares was set at $30 for the 22 million shares expected to be offered to investors, representing a company valuation of around $10 billion.
The San Francisco-based company plans to list on the tech-heavy NASDAQ Electronic Stock Exchange as early as Tuesday, under the symbol CART.
In case of strong demand, the number of titles could go up to 25.3 million, for a fundraising that could reach $759 million.
It had revised its price range upwards on Friday: between 28 and 30 dollars, against 26 and 28 dollars announced a few days earlier, according to a document on the website of the SEC, the American stock market watchdog.
Instacart, created in 2012, has more than 1,400 partners in North America – representing 85% of the US grocery market (excluding alcohol) – from local stores to large national distributors.
In documentation filed with the SEC during the listing process, the company reports having generated over one year, as of June 30, 2023, a gross transaction value of $29.4 billion (amount of purchases on the platform) and 263 million orders.
Over the same period, gross turnover stood at 2.2 billion and net income reached 744 million dollars, including a tax benefit of 358 million.
Last Thursday, the stock of British microprocessor designer Arm gained nearly 25% during its first trading session, a success for the largest IPO in almost two years.
