Instacart sets IPO price at $30 a share, valuing the company at about $10 billion

Follow us on Social Media

Social sharing

The price gives Instacart a market value of around $10 billion (€9.4 billion). That’s far lower than the $39 billion valuation the company announced in early 2021.

Instacart has priced its initial public offering of stock at $30 a share, raising $660 million for the grocery delivery company.

ADVERTISEMENT

San Francisco-based Instacart sold 22 million shares in the IPO. Trading of the company’s stock is set to begin on 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 successful IPO of Arm Holdings, a UK chip designer.

The price gives Instacart a market value of around $10 billion (€9.4 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 US 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.

The company says it has 7.7 million active customers who spend about $317 per month on the platform.

Source

Leave your comment on this post

THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN

WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.

Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi

The economic crisis and hardship in Nigeria are parts of the discussion.


Watch, leave your comments, and share to create more awareness on this issue.


#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com

Leave your comment

Click on the link below or Scan the QR Code to join the 9News Nigeria WhatsApp Channel

9News Nigeria Investigative Reports WhatsApp Channel
9News Nigeria Investigative Reports WhatsApp Channel
About 9News Nigeria 13353 Articles
9News Nigeria is Nigeria's favourite news source. For Authentic, Unbiased News on Politics, Business, Sports, Technology, Entertainment and Lifestyles, Health, Nollywood, Crime and Investigations, Family and Relationships, Inspirations .. and much more. For Latest News from Africa and around the world, 9News Nigeria is your best source. WhatsApp +2348115805632 Email: info@9newsng.com Facebook: www.facebook.com/9NewsNG | Twitter/Instagram: @9newsng

Be the first to comment

Leave a Reply