Instacart's Market Debut Soars, Valuing Company at $14 Billion

Instacart's stock surged 40% in its market debut, opening at $42 per share on the Nasdaq, after setting its IPO price at $30 per share. The grocery delivery app, valued at roughly $10 billion, raised its pricing range following the successful IPO of chip designer Arm. Instacart, which connects consumers with gig economy workers for grocery delivery, believes it is at the center of a "massive digital transformation" and sees potential for further growth in the online grocery market. The company reported revenue of $1.48 billion in the first half of 2023, with advertising accounting for 28% of that revenue.