Instacart Raises IPO Pricing Range One Day Before Its Nasdaq Debut

Shares of delivery app Instacart, which is set to go public Tuesday, will likely be priced between $28 to $30, according to a filing submitted to the Securities and Exchange Commission Friday, up slightly from an earlier range of $26 to $28 per share.

The company will begin trading Tuesday under the ticker symbol CART on the Nasdaq. Its share price is expected to be set Monday night.

The company could raise up to $660 million, giving it a valuation of $9.9 billion, according to Bloomberg. The 11-year-old company has already raised $2.9 billion venture capital, according to Crunchbase News, although that's more than a third lower than where the company was valued in 2021.

Instacart adjusted its pricing after shares of semiconductor chip maker Arm soared 25% during its Sept. 14 debut on the Nasdaq, to $63.59 from an initial price of $51.

In a letter attached to the filing, Instacart CEO Fidji Simo said, "Our vision is to build the technologies that power every single grocery transaction — working with the retailers that consumers know and love to invent the future of grocery together." She also pointed out that online grocery sales make up only 12% of transactions in the $1.1 trillion industry.

The company reported net income of $242 million in the six months ending June 30, up substantially from its net loss of $74 million in the same period a year ago, according to the filing.