Instacart, a San-Francisco based company, has priced its shares at the upper end of its expected range, indicating high investor demand for new offerings. The company successfully sold 22 million shares at $30 each, which is the upper end of the $28 to $30 price range it had initially planned. With this pricing, Instacart achieves a valuation of $9.9 billion. The company will be listed on Nasdaq using the ticker symbol CART.
High Anticipation for Instacart IPO
Instacart's initial public offering has gained significant attention this year, particularly following the recent listing of chip designer Arm Holdings (ARM). These two IPOs are expected to stimulate the IPO market, which has been relatively uneventful for most of the year. According to Ernst & Young, there were 615 IPOs worldwide in the first half of this year, showing a 5% decrease compared to the previous year.
Mixed Results for Arm Holdings
Arm Holdings experienced strong demand for its shares as they opened 10% higher than the IPO price. However, enthusiasm has dwindled since then, with shares closing down by 4.5% on both Friday and Monday.
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