Online grocery delivery platform Instacart confidentially files for IPO in the U.S.

Online grocery delivery platform Instacart confidentially files for IPO in the U.S.

A shopper prepares fill his cart at a Giant supermarket in Washington, DC, April 6, 2020.

Evelyn Hockstein/The Washington Post via Getty Images)

Grocery delivery platform Instacart said late Wednesday it has filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC), paving the way for the firm to list its shares.

The grocery delivery company was valued at $39 billion in March 2021, when it raised $265 million. That made Instacart one of the most valuable venture-backed companies in the U.S. at that time.

However, it said in March it was slashing its valuation by almost 40% to about $24 billion, to reflect this year’s sell-off in technology stocks.

This development comes at a volatile time for tech stocks in the U.S. this year, with the Nasdaq tumbling nearly 30% from last November’s high.

Original news source Credit: www.cnbc.com

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