Instacart said it set a price of $30 a share for its initial public offering, at the high end of expectations, in a further sign of resurgence in the IPO market.
At that price, the grocery-delivery company, which had been aiming for $28 to $30 a share after raising its target range, would be valued at $9.9 billion on a fully diluted basis. The pricing sets the stage for the San Francisco-based company to start trading Tuesday on the Nasdaq exchange under the symbol CART.
Instacart’s IPO follows the successful debut last week of British chip designer Arm, and should its shares trade well too, that could help set the stage for more startups to list their stocks.
Read the full story on The Wall Street Journal here.