Instacart, Inc. (CART proposed) filed terms for its long-awaited IPO – 22.0 million shares at $26.00 to $28.00 – early today (Monday, Sept. 11, 2023). Of the 22.0 million shares, Instacart is offering only 14.1 million shares, while selling stockholders are offering 7.9 million shares.
If the IPO is priced at the $27.00 mid-point of its range, Instacart will raise an estimated $380.7 million. Instacart will not receive any proceeds from the sale of the selling stockholders’ 7.9 million shares, which could bring in an estimated $213.3 million if sold at the $27.00 mid-point.
The IPO’s terms would give Instacart a valuation of about $7.45 billion, assuming pricing at $27.00, the mid-point of the deal’s proposed price range.
Goldman Sachs, J.P. Morgan, BofA Securities and Barclays are the lead joint book-runners of Instacart’s IPO.
The IPO roadshow is expected to start today (Monday, Sept. 11, 2023). Instacart (parent Maplebear, Inc.) is expected to price its IPO next week – on Monday night, Sept. 18, 2023, to trade Tuesday, Sept. 19, on the NASDAQ.
Instacart, founded in 2012, has been on “the watch list” of highly anticipated initial public offerings for more than two years.
The San Francisco-based online grocery delivery giant is profitable. For the year that ended June 30, 2023, Instacart earned net income of $596 million on revenue of $2.9 billion.
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