Instacart Share started trading on Tuesday at $42 per share
The valuation of the company reached to $11 billion now.
The Instacart IPO price band ranges from $28 to $30 for CART stock at a valuation of $9.3 billion to $9.9 billion
The Instacart (CART) stock started trading in the Nasdaq on 19th September, 2023
Instacart raised $660 million in its IPO after pricing at the high end of its offering range.
The money raised by Instacart will in part be used to pay for taxes and costs associated with restricted stock units, or stock awards given to employees.
After a successful trading debut of Arm (ARM) and Instacart (CART), reflects tha changing mood of market sentiment and investors' appetite .
Instacart is a startup food delivery company headquartered in California, US. Founded in 2012
Instacart sends couriers to grocery stores to pick out and deliver orders to people’s homes.
Instacart saw revenue reach $1.5 billion during the first six months of 2022, an increase of nearly 31%.
The company’s advertising and other businesses rose by about 24%.
The company generated $242 million in profit, up from a $74 million net loss a year earlier
PepsiCo is one of the big investors in Instacart purchased $175 million in stock in a private placement.
Looking at the success of the IPOs such as ARM and CART, other companies are also preparing stock-offering documents for later this year
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