The food delivery app, co-founded by University of Waterloo alumnus Apoorva Mehta, did not disclose how it intends to price its shares, but said in its filing it plans to list on the Nasdaq Global Select Market under the symbol “CART.” (The Logic)
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The food delivery app, co-founded by University of Waterloo alumnus Apoorva Mehta, did not disclose how it intends to price its shares, but said in its filing it plans to list on the Nasdaq Global Select Market under the symbol “CART.” (The Logic)
Talking point: Instacart, whose major stockholders include entities affiliated with Sequoia Capital and D1 Capital Partners, has been planning an initial public offering since at least 2019, but its attempts to go public were postponed in part due to suboptimal conditions for new listings. The company’s prospectus reveals it became profitable last year with US$428 million in net income, after posting annual net losses for 2020 and 2021. For the first six months of this year, Instacart said its net income hit US$242 million. Analysts have expected the current IPO drought will be broken by profitable startups with significant scale. The IPO market has started to see a revival in recent quarters, but Instacart may be the first significant venture-backed tech firm to IPO since the heydays of 2021.
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