(New York) The American grocery delivery platform Instacart plans to raise $660 million during its IPO, according to a press release published Monday.
The unit price of the shares was set at $30 for the 22 million shares expected to be offered to investors, representing a company valuation of around $10 billion.
The San Francisco-based company intends to list on the technology-heavy NASDAQ electronic stock exchange as of Tuesday, under the symbol CART.
In the event of strong demand, the number of titles could go up to 25.3 million, for fundraising which could reach $759 million.
It had revised its price range upwards on Friday: between 28 and 30 dollars, against 26 and 28 dollars announced a few days earlier, according to a document on the website of the SEC, the American stock market watchdog.
Instacart, created in 2012, has more than 1,400 partners in North America – representing 85% of the American grocery market (excluding alcohol) – from local stores to large national distributors.
In documentation filed with the SEC during the listing process, the company indicates having generated over one year, as of June 30, 2023, a gross transaction value of $29.4 billion (amount of purchases on the platform) and 263 million orders.
Over the same period, gross turnover stood at 2.2 billion and net income reached 744 million dollars, including a tax benefit of 358 million.
Last Thursday, the title of British microprocessor designer Arm gained nearly 25% during its first trading session, a success for the largest IPO in almost two years.