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...The move suggests optimism that Instacart can rally on the public markets....
...Instacart, a grocery delivery start-up, carried out an IPO in part to create liquidity for employees who had been granted RSUs....
...for US IPOs has been challenged over the past year but has recently shown signs of activity, with high-profile listings by German sandal maker Birkenstock, chip designer Arm and grocery delivery group Instacart...
...Arm, Instacart, Klaviyo and Birkenstock — the four largest listings of this autumn — have all fallen below their offering prices....
...Stripe and Instacart declined to comment....
...“The number one reason people use Instacart is convenience,” its chief executive, Fidji Simo, declared to investors....
...If readers have thoughts on Instacart, we’d be very keen to hear them....
...But Instacart’s supposed optimism is not quite the triumph that it might first seem....
...Instacart is looking for ways to insert itself into the lives of shoppers who prefer to buy their groceries in person....
...With Instacart, Wall Street is about to be treated to a down-round IPO....
...Firms including Sequoia, T Rowe Price, Fidelity and Andreessen Horowitz that invested a combined $265mn in Instacart in 2021 saw that investment collapse by 75 per cent....
...Previously, Instacart had sought between $26 and $28 per share, equivalent to about a $9.3bn value for the company....
...Last year, Instacart made $428mn in net income on $2.55bn of revenue....
...Klaviyo was founded in 2012, the same year as Instacart, and had been regarded as an IPO candidate before the market turned in 2021....
...The IPO will float just 8 per cent of Instacart stock, raising $660mn....
...The price is at the top end of the $28-to-$30-per-share range Instacart gave investors last week and values the San Francisco-based group at $8.3bn....
...One person working on the Instacart deal said the company was a good fit for retail investors, given the crossover between Instacart and SoFi’s relatively young and affluent customer bases....
...Instacart, Klaviyo and Arm were evidence that “the IPO window is open — even if a crack by historical standards”, said Peter Hébert, co-founder of venture firm Lux Capital....
...Her success in guiding Instacart’s stock market performance is tied closely to her pay....
...The public-market debut by San Francisco-based Instacart is expected to add momentum to an improving IPO market....
...Arm’s free float stands at around 10 per cent, Instacart at below eight per cent and Klaviyo at roughly 7.5 per cent....
...Instacart was founded 11 years ago. Databricks, Stripe and Reddit are all considered prime IPO candidates....
...Advertising software group Klaviyo was the only large software listing on NYSE last year, as Nasdaq lured chip designer Arm and delivery group Instacart....
...It has been expanding its core payments business from tech companies such as Shopify and Instacart to retailers that have increased their online sales during the pandemic, including Best Buy and Zara....
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