Online grocery delivery platform Instacart confidentially files for IPO in the U.S.
An April 6th, 2020 Giant grocery in Washington DC sees a customer filling his cart.
Evelyn Hockstein/The Washington Post via Getty Images
Instacart’s grocery delivery platform said that Wednesday night it filed a draft registration declaration with the U.S Securities and Exchange Commission, which will open the door for Instacart to list its shares.
Groceries delivery service was valued at $39 billion in March 2021, when it raised $265 million. Instacart became one of America’s most valued venture-backed firms at the time.
It did however announce in March that it would reduce its valuation by nearly 40% to $24 billion to account for the decline in tech stocks this year.
The development occurs at an uncertain time in tech stocks this year. In fact, the Nasdaq has fallen nearly 30% since November’s peak.