(New York) The American grocery delivery platform Instacart has raised its price range for its IPO, in a context of recovery in the IPO market.
According to documents published on the website of the watchdog of the American Stock Exchange (SEC) on Friday, the San Francisco-based company intends to list 22 million shares on the electronic stock exchange – with a high technological content – ​​NASDAQ, at a price between 28 and 30 dollars, compared to 26 and 28 dollars announced on Monday. It could then raise between $616 and $660 million.
In the event of strong demand, the number of titles could reach 25.3 million, for fundraising which could reach up to $759 million.
Following the transaction, 276 million shares will be outstanding and up to 279 million in the event of strong demand. That would bring the valuation to around $8.4 billion, up from $7.8 billion initially hoped for.
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 the document filed with the SEC, the company indicates that it generated over one year, as of June 30, 2023, a gross transaction value of $29.4 billion – the 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.
This announcement is in line with the good results recorded Thursday by the title of the British microprocessor designer Arm.
The group’s stock jumped nearly 25% in its debut on the New York Stock Exchange, valuing it at more than $65 billion, an upward trend that continued in electronic trading before the market opened, Friday.
