Instacart is targeting a valuation of roughly $8.6 billion to $9.3 billion in its imminent IPO, a fraction of what the grocery-delivery company was previously worth, in the latest sign of diminished investor enthusiasm for private growth companies.
Instacart is set to start marketing its long-anticipated initial public offering to investors as early as Monday, and plans to disclose the expected valuation range then, according to people familiar with the matter. The San Francisco company’s plans could still change and it is possible the range could move around as the company receives feedback during the roadshow.
The shares are expected to begin trading the following week on the Nasdaq exchange under the ticker CART.
Read the full story on The Wall Street Journal here.