Instacart IPO Sets Valuation at Up To $9.3 Billion, Well Below the $39 Billion Pandemic High

Grocery delivery app Instacart set a target valuation that was way below its prior funding round in 2021, a sign of companies treading carefully as they test investor appetite for new listings. From a report: The San-Francisco based firm said Monday it's pricing its shares between $26 and $28 per share. Instacart said it has 279 million shares outstanding as of Aug. 15. Including the stock options and the restricted stock units of 20.45 million and 31.47 million, respectively, the total stock for the purpose of valuing the company comes to 331 million shares. This makes for a valuation between $8.6 billion to $9.3 billion, far below its valuation of $39 billion set in a fundraising round in 2021. The company's internal valuation last year in March was $24 billion, and in July was reduced to $15 billion to reflect the selloff in technology stocks, a person familiar with the matter had told Barron's.

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