Instacart Inc. plans to launch its long-awaited initial public offering in September, Bloomberg News reported late Thursday.
According to Bloomberg, Instacart could publicly file its IPO plans as soon as next week, adding that the grocery-delivery company is planning a traditional IPO on the Nasdaq, after previously considering a direct listing.
An Instacart spokesperson declined to comment Thursday.
San Francisco-based Instacart has been one of the most highly anticipated IPOs for years. Last year, it confidentially filed for its public debut but delayed the offering last October, reportedly citing poor market conditions.
Earlier this year, Instacart hiked its valuation by 18%, to about $12 billion, according to The Information. That came after it slashed its valuation multiple times in 2022, from a onetime valuation of $24 billion.
While this year’s IPO market hasn’t reached the levels of frothier, pre-pandemic times, it’s significantly better than the near-frozen levels of 2022, and Instacart’s debut could be an encouraging sign of a rebound. The Renaissance IPO exchange-traded fund
IPO
has gained 30% year to date, while the S&P 500
SPX
has gained 14%.
Read the full article here
