Instacart Sets IPO Price at $30, Valuing Company at $10 Billion

Instacart, the popular grocery-delivery company, has priced its IPO at $30 per share, valuing the company at approximately $10 billion. This makes Instacart the first notable venture-backed tech company to go public in the US since December 2021. The offering, which came in at the top end of the expected range, includes 22 million shares, with 14.1 million from the company and 7.9 million from existing shareholders. Instacart's IPO performance, along with the upcoming debut of cloud software vendor Klaviyo, could determine the willingness of other billion-dollar-plus companies to test the public market. Despite sacrificing growth for profitability, Instacart has shown that its business model can generate earnings, reporting $114 million in net income in the latest quarter.