San Francisco-based Instacart plans to kick off its initial public offering with approximately 22 million shares selling for $26 to $28 each.
The company has about 331 million shares including those issued to employees and executives, according to the Wall Street Journal. Instacart is reportedly offering 14.1 million shares, and shareholders are offering 7.9 million shares.
The company’s valuation, about $8.6 billion to $9.3 billion, is well below its $39 billion valuation in a 2021 funding round, according to Reuters, though Motley Fool calls the IPO one of the “hottest” of the year as the company “is not only profitable but also generating positive cash flow.”
This is the second attempt at an IPO for the company. A previous filing, in 2022, was withdrawn amid the economic downturn in the U.S.
The company plans to start trading on the Nasdaq under the symbol CART.