Grocery Firm Instacart Files For IPO

Grocery delivery company Instacart is going public.

Instacart said it plans to trade on the NASDAQ stock exchange under the stock symbol “CART.” I Photo: Instacart

The San Francisco-based company filed paperwork Friday with the US Securities and Exchange Commission (SEC.) The IPO is expected to happen in the next few weeks, Dee-Ann Durbin reported for the Associated Press (AP).

Instacart said it plans to trade on the NASDAQ stock exchange under the stock symbol “CART.”

The San Francisco-based company filed paperwork Friday with the US Securities and Exchange Commission (SEC.) The IPO is expected to happen in the next few weeks, Dee-Ann Durbin reported for the Associated Press (AP).

Instacart said it plans to trade on the NASDAQ stock exchange under the stock symbol “CART.”

The number of shares and the price haven’t yet been determined, the company said. PepsiCo has agreed to buy $175 million in convertible preferred stock in a private placement, Instacart said.

In a letter to investors, Instacart CEO Fidji Simo said online grocery has tremendous potential. The U.S. grocery market is a $1.1 trillion industry, but only 12% of sales are made online. She expects that to at least double over time.

“We have demonstrated our ability to help our retail partners drive strong growth and stay competitive in a complex and increasingly digital industry,” Simo wrote. The IPO is a long-awaited step for Instacart, which was founded in 2012.

The company filed privately for an IPO in May 2022 but delayed those plans last fall when the markets were roiling due to recession fears. There were just 71 IPOs in the US. last year, the lowest number since 2009, according to Renaissance Capital.

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