Instacart and its backers are seeking to raise as much as $616 million in what would be one of the biggest initial public offerings of the year, possibly opening the door to a rebound in US listings.
The largest US online grocery delivery company will offer 14.1 million new shares for $26 to $28 each, it said in a filing Monday. Existing shareholders are selling 7.9 million shares at the same price.
Instacart’s listing could help unstick the backlog of companies whose plans to go public have been stymied by the longest lull in US listings since the financial crisis in 2009. The largest of those companies is Arm Holdings Ltd., the semiconductor designer owned by SoftBank Group Corp. that is planning to raise as much as $4.87 billion later this week.
San Francisco-based Instacart, which is incorporated as Maplebear Inc. and filed under that name, saw its revenue grow 31% to about $1.5 billion for the six months ended June 30, aided by supercharged growth in its higher-margin advertising segment. It posted net income of $242 million for the first half of the year, compared with a loss of $74 million for the same period last year.
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