Shares of online grocery retailer Instacart will begin trading on the Nasdaq stock exchange today (September 19) under the ticker symbol “CART.”
The San Francisco-based company, which was founded in 2012, had scheduled its initial public offering (IPO) for September 22, but moved up the date due to strong demand for its share sale.
The IPO priced at $30 U.S. a share, at the upper end of its expected range. Instacart said it sold 22 million shares, putting the company’s market value at $9.9 billion U.S.
At the current pricing, the IPO is expected to raise a total of $660 million U.S., with about two-thirds of the proceeds going to the company.
Instacart’s IPO comes less than a week after British microchip designer Arm Holdings (ARM) held a successful listing in New York, with its stock jumping 25% on its first trading day.
Regulatory filings ahead of the IPO show that Instacart generated $2.55 billion U.S. in revenue last year, up 39% from 2021.
However, Instacart is not yet profitable. The company reported a net loss of $70 million U.S. in 2020 and $73 million U.S. in 2021. At $30 U.S. per share, Instacart is valued at nearly four times its annual sales.