Instacart Confirms Raises IPO Pricing Target to $28-$30 a Share
September 15 2023 - 7:20AM
Dow Jones News
By Colin Kellaher
The parent of grocery-delivery app Instacart on Friday raised
the proposed price range for its planned initial public offering of
22 million shares to $28 to $30 apiece from a prior target of $26
to $28.
The Wall Street Journal reported late Thursday that the move,
which would value Instacart at nearly $10 billion on a fully
diluted basis at the high end, was coming following the successful
IPO of British chip designer Arm Holding.
Maplebear, as the Instacart parent is formally known, said in a
filing with the Securities and Exchange Commission that it would
sell 14.1 million shares in the offering, while current investors
plan to unload 7.9 million shares.
The offering, coupled with PepsiCo's planned purchase of $175
million of preferred stock, would yield net proceeds of about
$550.5 million at the $29-a-share pricing midpoint, or roughly
$640.9 million if the underwriters exercise their option to buy an
additional 3 million shares, the company said.
Maplebear has applied to list its shares on the Nasdaq Global
Select Market under the symbol CART.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 15, 2023 07:05 ET (11:05 GMT)
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