Instacart, the San-Francisco-based startup, listed its shares on the Nasdaq on Tuesday at $30 a piece, aiming to raise $660 million at a valuation close to $10 billion. Although its market value at public listing was only a fraction of its 2021-valuation of $39 billion, the IPO coincides with a resurgence of optimism from tech companies towards the public market.
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The IPO came a week after the much-awaited listing of SoftBank-owned British chipmaker Arm made a debut at the bourses on September 14.
Instacart’s founder and Indian-Canadian entrepreneur Mehta took to X (formerly Twitter), on the day of Instacart’s listing to share his journey from an empty fridge to Nasdaq.
“More than a decade ago, I was sitting in my apartment in San Francisco bemoaning the fact that the only thing I had in my refrigerator was hot sauce. Don’t get me wrong, I love hot sauce, but you can’t exactly make it a meal,” Mehta wrote on X.
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“My empty refrigerator was an ongoing problem – and a source of inspiration. It was 2012 and I could shop for everything online except groceries. That was a lightbulb moment for me, and I got started coding the first version of the Instacart App,” he added. Here is a look at top stories on the IPO
Instacart set for Wall Street debut days after Arm’s fiery entry: Shares of grocery delivery app Instacart started trading on the Nasdaq on Tuesday, the second high-profile debut in days after SoftBank’s Arm Holdings entered Wall Street with a bang.
Instacart priced its IPO at the top end of its raised range of $28 to $30 and raked in a total of $660 million in proceeds
Instacart founder Apoorva Mehta exits with $1.1 billion fortune after IPO: Instacart cofounder Apoorva Mehta is checking out with a $1.1 billion fortune following the grocery-delivery company’s initial public offering. Mehta, 37, who stepped down as chief executive officer in August 2021, relinquished his board position as executive chairman as part of the IPO proceedings to current CEO Fidji Simo, a former Meta Platforms Inc. executive. The transition marks the end of Mehta’s 11-year tenure with the company he cofounded in 2012.
Instacart soars 40% as it begins trading, an encouraging sign for tech IPOs: Shares of the grocery delivery company Instacart opened for trading Tuesday at $42, up 40% from their initial public offering price of $30. The performance signalled that investors are eager to take a chance on young tech companies – but only at the right price. Instacart’s market capitalization, including all outstanding shares, totaled $13.9 billion.
Instacart stock subdued as debut enthusiasm loses steam: Instacart shares fell 5% on Wednesday, as the grocery delivery app joined other recent stock market entrants in failing to keep up with their strong gains on debut.
Klaviyo, Arm, Instacart wobble, raising doubts over IPO revival: The high-profile listings have put investor focus back on the initial public offering (IPO) market after a nearly 18-month dry spell, but it may still be a tough time for offerings given high interest rates and recent declines in the broader U.S. stock market, said some investors and market participants.