- Grocery delivery company Instacart ( ICART ) has been cutting some its 3,000 workers over the last two months ahead of a planned initial public offering later this year.
- Instacart ( ICART ) has instituted staff reductions, slowed hiring and is cutting expenses as it prepares for an IPO, The Information reported on Friday, citing two people familiar.
- The news come after a report last Monday that Instacart ( ICART ) doesn't plan to issue many new shares in its in initial public offering and instead most of the listing will come from the sale of employees' shares.
- The WSJ reported in late July that Instacart ( ICART ) was said to be targeting an IPO before the end of the year. Instacart is still leading toward a traditional IPO, rather than a direct listing, which it had previously been considering.
- In May San Francisco-based Instacart ( ICART ) said it confidentially filed a draft document for an IPO of the grocery delivery company.
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Instacart said to cut staff, expenses ahead of IPO - report