Instacart, a US startup that delivers groceries, stated that it hopes to raise at least $660 million when it debuts on the stock market on Tuesday at a price of $30 per share.
The price of the shares was set at the upper end of a range that the company had previously disclosed. The company plans to offer 22 million shares, which will trade on the Nasdaq exchange under the ticker symbol “CART,” according to a press release from Instacart.
At Instacart, we believe that the best companies help elevate entire ecosystems — creating more opportunities for everyone. It’s why we’ve built our business on helping retailers and brands transform their businesses and serve their customers better. It’s central to who we are as a company, and will continue to be as we chart this next chapter as a public company. Instacart CEO Fidji Simo shared the letter below last month as part of the company’s prospectus, with a focus on one of Instacart’s core values: grow the pie. You can read it in full here:
Instacart partners with more than 1,400 national, regional, and local retail banners across more than 80,000 stores that represent more than 85% of the U.S. grocery industry.
Instacart is building all the services retailers need to invent the future of grocery and transform the consumer experience.
Instacart, the leading grocery technology company in North America, works with grocers and retailers to transform how people shop. The company partners with more than 1,400 national, regional, and local retail banners to facilitate online shopping, delivery and pickup services from more than 80,000 stores across North America on the Instacart Marketplace.
With Instacart Ads, thousands of CPG brands – from category leaders to emerging brands – partner with the company to connect directly with consumers online, right at the point of purchase. With Instacart Health, the company is providing tools to increase nutrition security, make healthy choices easier for consumers, and expand the role that food can play in improving health outcomes.