The grocery-delivery startup, co-founded by University of Waterloo alumnus Apoorva Mehta, will price shares between US$26 and US$28 each, it revealed in a filing Monday. Shopify-backed marketing-tool maker Klaviyo said in its filing that it will offer its shares at between US$25 and US$27. That would give both firms market capitalizations below their last known valuations. (The Logic, TechCrunch)

Talking point: On the higher end of its price range, Instacart’s market cap would reach US$9.3 billion. It was valued at US$39 billion after a 2021 funding round. But in March 2022, the firm trimmed that figure to US$24 billion in an effort to help recruit and retain staff. It further cut it to US$15 billion in July 2022 and US$13 billion in October 2022. Meanwhile, Klaviyo could reach a market cap of US$6.8 billion, down from its last round that valued the firm at US$9.5 billion. The IPOs come amid a dearth of tech offerings on the public markets, signalling that investors may be ready to embrace new tech listings again. In another positive sign, U.K. chip designer Arm will reportedly close its IPO order book a day ahead of schedule due to high demand.