Instacart's Nasdaq debut: Shares soar, co-founder departs with $1.3B fortune

Instacart's shares surged 43% in its Nasdaq debut, valuing the online grocery delivery business at around $11 billion. While the price increase dropped later in the day, ending up just over 12%, it marked the second successful IPO in a week. Instacart, which expanded into advertising and technology services, aims to revolutionize the grocery business by leveraging technology to meet changing consumer habits. Despite facing competition from Uber and DoorDash, the company has recently started making profits. The IPO was backed by major investors, including PepsiCo and Sequoia Capital.