Instacart, a popular grocery delivery platform, is reportedly seeking a valuation between $8.6 billion and $9.3 billion for its upcoming initial public offering (IPO), according to the Wall Street Journal. This figure is significantly lower than its previous valuation of $39 billion just a couple of years ago.
The IPO marketing is set to commence soon, with Instacart aiming to attract investors. However, the Journal notes that the valuation target may still be subject to change before the official launch later this month.
Instacart had previously lowered its internal valuation multiple times. But, in August, it raised its valuation by 18% to approximately $12 billion. The company, based in San Francisco, intends to trade on the Nasdaq under the ticker symbol CART. Leading the book-running management for the IPO will be Goldman Sachs and JPMorgan Chase.
These much-anticipated IPOs are expected to inject vitality into the IPO market, which has been relatively dormant since last year’s downturn.
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