Online grocery company Instacart plans to raise up to $616 million through an IPO

FALMOUTH, MA – APRIL 8: Instacart shopper Loralyn Geggatt delivers to a customer’s home during the COVID-19 pandemic on April 7, 2020 in Falmouth, MA. Some Amazon, Instacart and other workers protested for better wages, hazard pay and sick time. (Photo by David L. Ryan/The Boston Globe via Getty Images)

Boston Globe

Instacart filed an updated filing for its upcoming initial public offering on Monday, saying it plans to raise up to $616 million in fresh capital alongside existing shareholders.

Instacart, one of the largest U.S. online grocery delivery companies, will be among the biggest IPOs this year. The company competes with both traditional retailers and similar technology companies AmazonDoorDash, GoPuff, and Grubhub.

The company’s updated IPO filing comes as British chip design firm Arm prepares for a blockbuster debut that could be worth up to $52 billion. Last week, Arm said its New York IPO could raise up to $4.87 billion in fresh capital.

The debuts will test the IPO market after a year of freezing listings due to higher interest rates and rising inflation.

Investors are hoping for a good outcome from the recent series of public offerings – but performance will depend heavily on market conditions when the companies actually go public.

This is breaking news, check back later for more. Online grocery company Instacart plans to raise up to $616 million through an IPO

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