May 12, 2022 - Economy

Instacart confidentially files for IPO

Illustration: Gabriella Turrisi/Axios

Illustration: Gabriella Turrisi/Axios

Instacart, the online grocery delivery platform, confidentially filed to go public, according to a statement late Wednesday.

Why it matters: In a slow year for large IPOs, the listing could be a bellwether. The timing of Instacart's public debut could still be thwarted by a rocky stock market and uncertainty in the macroeconomic environment.

Of note: Only two IPOs of more than $500 million have listed this year in the U.S., according to Bloomberg. Investors have largely sold down the 2021 IPO class.

Context: Just under two months ago, the company slashed its valuation by nearly 40% to $24 billion.

  • Last March, the company was valued at about $39 billion, following a $265 million fundraising round from existing investors that included Andreessen Horowitz, Sequoia Capital and D1 Capital Partners.

What's next: The timing or size of the listing wasn't disclosed in its statement.

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