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  4. Grocery delivery firm Instacart confidentially files to go public
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Grocery delivery firm Instacart confidentially files to go public

(Reuters) - Instacart has confidentially filed with the U.S. securities regulator to go public, the online grocery delivery app said on Wednesday, weeks after the pandemic darling...
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Grocery delivery firm Instacart confidentially files to go public © Reuters. Smartphone with displayed Instacart logo is seen in this illustration taken March 25, 2022. REUTERS/Dado Ruvic/Illustration/Files

(Reuters) - Instacart has confidentially filed with the U.S. securities regulator to go public, the online grocery delivery app said on Wednesday, weeks after the pandemic darling slashed its valuation by 40%.

The San Francisco-based startup did not disclose any details on the size and timing of its market debut in the statement.

A company spokesperson declined to provide further details.

Instacart's growth boomed during the pandemic as stuck-at-home consumers lapped up its doorstep delivery services, but the company was forced to cut its valuation by nearly 40% to about $24 billion in March due to recent market turbulence.

Reuters had reported last year that Instacart was considering going public through a direct listing, concerned that it could leave money on the table through a traditional IPO.

Goldman Sachs (NYSE:GS) and JP Morgan are working on the offering, a person familiar with the talks told Reuters.

Goldman Sachs declined to comment, while JP Morgan did not immediately respond.

A listing could happen as soon as this year though the timing could slip, according to a Bloomberg report on Wednesday, that added the company could still remain private.

Several public companies in the food delivery market have seen their shares plummet amid a broader tech selloff this year, and as investors worry about growth potential.

Bigger rivals are trying to grab market share with Walmart (NYSE:WMT) Inc beefing up its grocery deliveries and DoorDash's recent acquisition of European rival Wolt for $8 billion.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

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Summary

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Moving Avg:

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Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

1.2475

-0.0015 (-0.12%)

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USD/JPY

157.91

+0.12 (+0.07%)

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AUD/USD

0.6469

-0.0003 (-0.05%)

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Neutral

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

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EUR/CHF

0.9808

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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RON 95-V25.44025.940
RON 95-III24.91025.400
E5 RON 92-II23.91024.380
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USD25.088,0025.458,00
EUR26.475,3627.949,19
GBP30.873,5232.211,36
JPY156,74166,02
KRW15,9219,31
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