Online grocery delivery company, Instacart, is striving for a valuation between $8.6 billion to $9.3 billion in its forthcoming IPO, a significant decline from its previous worth, The Wall Street Journal reported.
Instacart is slated to kick off marketing for its IPO as early as Monday, with the planned valuation range to be revealed at that time.
The shares are anticipated to start trading on the Nasdaq exchange the following week under the ticker ‘CART’. However, the San Francisco-based company’s plans could still be adjusted based on feedback during the roadshow.
The IPO valuation, calculated on a fully diluted basis, is a stark contrast to the nearly $39 billion Instacart secured in a 2021 fundraising round. The decrease reflects a broader trend of falling valuations for high-growth startups, amidst rising interest rates and waning attraction to riskier investments.
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