Instacart is open for trading (CART).Instacart delivers groceries from chains like Kroger, Costco, and Wegmans.
The IPO price was set at $30 a share. The official opening price on the NASDAQ index came in at $42 a share. That is a 40% increase from the IPO price. The market capitalization is up around $14B.
Some IP facts:
- 22 million shares were sold in the IPO: 14.1 million from Instacart and 7.9 million from existing shareholders.
- In early 2021, Instacart had a valuation of $39 billion, raising money at $125 a share.
- Instacart’s business model shifted to prioritize profitability over growth.
- Q2 revenue was $716 million, a 15% increase, with a net income of $114 million.
- Instacart’s valuation is about 3.5 times its annual revenue.
- Sequoia Capital is the largest investor in Instacart with a 15% stake.
- Instacart co-founder Apoorva Mehta has shares worth over $800 million and is selling a portion in the IPO.
- Fidji Simo, ex-Facebook executive, succeeded Mehta as CEO in 2021 and will become the chair after the IPO.
- Only 8% of Instacart’s shares were floated in the offering, with 36% of those sold by existing shareholders.
