US-base d online grocery delivery powerhouse Instacart is looking to raise USD 616 mn by selling 14.1 mn shares for USD 26-28 each, Bloomberg reports, citing a company filing. The IPO could stand as the most significant one of the year, helping jumpstart a stagnant US IPO market that hasn’t seen any major VC-backed tech debuts since December 2021. Existing shareholders are also selling 7.9 mn shares at an equivalent price.

The IPO would value the company at around USD 9.3 bn, significantly lower than its valuation during the peak of the pandemic in 2021 when it was valued at USD 39 bn. Instacart slashed its internal valuation three times to reach USD 13 bn in October 2021 as the pandemic’s effect subsided, and customers returned to restaurants and stores, reducing dependency on online shopping.

Advisors: Goldman Sachs and J.P. Morgan are acting as lead bookrunners, with Bank of America, Barclays Plc and Citigroup Inc, as well as 15 others as underwriters. The company intends for its shares to be listed and traded on the Nasdaq Global Select Market under the symbol CART.

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