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In March, the business, which had become a financial darling as doorstep delivery soared, lowered its valuation by roughly 40% to around $24 billion, in a rare move that demonstrated how market instability affected high-flying private corporations.
Instacart Inc, a grocery delivery service, announced late Wednesday that it has filed a confidential initial public offering (IPO) with US securities regulators.
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The San Francisco-based business did not disclose the amount of its IPO, its pricing range, or when it expects to go public.
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In March, the business, which had become a financial darling as doorstep delivery soared, lowered its valuation by roughly 40% to around $24 billion, in a rare move that demonstrated how market instability affected high-flying private corporations.
Last year, Reuters reported that the delivery network was considering a direct listing because it was afraid that a typical IPO would leave money on the table.
According to a Bloomberg article published on Wednesday, the company could go public as soon as this year, though the date could slide. The company could also remain private.
According to the article, Instacart is working on an offering with Goldman Sachs and Morgan Stanley, according to people familiar with the situation. Instacart, Goldman Sachs, and Morgan Stanley representatives did not immediately reply to Reuters requests for comment.
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