Instacart Delivers 12% Trading-Debut Gain Following $660 Million IPO

Instacart racked up a 12% trading-debut gain in one of the year’s biggest initial public offerings, showing investors are receptive to the online grocery delivery firm’s pivot to advertising and also adding momentum to a rebound for US listings.

Instacart’s shares opened trading Tuesday at $42 each after selling for $30 — the top of a marketed range — to raise $660 million for the company and selling stockholders in the year’s fourth-biggest US IPO. The shares, which jumped as much as 43%, closed at $33.70 in New York, giving the company a market value of $9.3 billion.

Instacart’s valuation rises to more than $11 billion on a fully diluted basis. That’s a steep plunge from its $39 billion valuation in a 2021 funding round when its business boomed amid pandemic lockdowns, but still ranks it as one of the biggest companies to go public in almost two years.

Read the source article at Yahoo Finance