Sep 19, 2023

Topline Instacart sold 22 million shares for $30 each during its initial public offering Monday, totalling $660 million, multiple outlets reported—the second market launch this week that signals the American IPO market may be rebounding after a two-year dormant period. Close-up of Instacart lanyard, typically worn by workers for the gig economy grocery delivery ... [+] service while shopping for clients in grocery stores, San Ramon, California, May 7, 2019. (Photo by Smith Collection/Gado/Getty Images) Getty Images Key Facts This IPO values the company at $9.9 billion fully diluted, which is well below the $39 billion valuation it received nearly two years ago during its latest round of capital fund raising, according to Bloomberg . The company floated less than 10% of its shares. The company had initially offered the shares for $26 to $28, but upped that after it saw the successful IPO of Arm last week, according to Axios . Instacart will begin trading on the Nasdaq stock exchange Tuesday under the ticker symbol “CART.” Key Background This is the second IPO this month. On Thursday, british semiconductor company Arm went public and became the largest company to hold an IPO in over 22 months. Its initial launch was successful and saw the stock surge 25% in its first day of trading, though it fell 20% from that high on Monday. What To Watch For Klaviyo, a marketing and data automation provider that filed for an IPO with the Securities and Exchange Commission within hours of Instacart, is expected to sell its shares Tuesday. It, along with Instacart and Arm, mark a potential resurgence of the IPO market. Surprising Fact After two years without an IPO, Arm going public this month ended the longest drought in the market since 2009 during the Great Recession.