The third-largest IPO of 2023, Instacart began trading at a valuation of $14 billion.
Topline
Instacart splashed in its Nasdaq debut Tuesday, beginning trading at about 40% higher than its initial public offering price, keeping the momentum of the IPO market going despite opening at a far less rich valuation than the grocery delivery startup enjoyed during the height of the pandemic.Key Facts
Shares of Instacart surged as much as 43% from their $30 IPO price set Monday, trading at over $40 shortly after trading began at about 12:55 EDT.
That sends Instacart’s market capitalization to about $14 billion from its $9.9 billion initial valuation, though it remains a far cry from its $39 billion pre-money valuation reached during a March 2021 private funding round.
Instacart, which raised $660 million in its IPO, is the third-largest company to go public in 2023, trailing Kenvue (the Johnson & Johnson spinoff which IPOed in May) and Arm, the British chip designer which went public last week.
