Instacart Lowers IPO Valuation Target to $10B Despite Turning a Profit

Instacart raises initial IPO price range to $28-$30 per share, seeking up to $10B valuation
Plans to offer 22M shares on Nasdaq, could raise up to $660M
PepsiCo agreeing to buy $175M in concurrent private placement
Despite higher range, valuation plunged from $39B in 2021
Company turned profit in recent months, $242M net income in 2022 vs $74M loss in 2021

cnbc.com

Relevant topic timeline:

8/25/2023

Instacart files to go public on Nasdaq to try and unfreeze tech IPO market

Instacart, the grocery delivery company, has filed for an IPO, reporting profitable quarters and revenue of $716 million, with plans to create an omnichannel experience merging online and in-store shopping.

9/10/2023

Instacart Plans Lower Valuation IPO, First Major Tech Listing Since 2021

Instacart is aiming to go public at a valuation between $8.6 billion and $9.3 billion, marking a significant change from its previous valuation, as it looks to reignite the IPO market.

9/11/2023

IPO Market Cautious Despite Thaw; Musk Book Reveals Origins of Drive; CFPB Funding at Risk in Supreme Court Case; Auto Strike Could Cost Billions

Instacart and Arm have both set lower valuations for their upcoming IPOs, reflecting investor caution as the market for IPOs remains challenging.

9/11/2023

Tesla Stock Jumps Over 10% on Morgan Stanley Upgrade and Bullish AI Revenue Outlook

Tesla's shares surged 10% following an upgrade by Morgan Stanley, with the firm highlighting the potential of Tesla's Dojo supercomputer and custom silicon, setting a new price target at $400 for the company's shares.

9/12/2023

Instacart CEO Gets Millions in Stock While Shoppers See Plunging Pay

Instacart CEO Fidji Simo is set to have shares worth at least $13.4 million once the company goes public, despite the company's lower valuation and concerns over the low pay of its shoppers.

9/19/2023

Instacart Shares Jump 43% in IPO Before Settling at 12% Gain, Valuing Grocery Delivery Firm at $11B

Online grocery delivery business Instacart saw a 43% jump in its Nasdaq trading debut, valuing the company at around $11bn, as it continues to expand beyond its core business of grocery delivery into advertising and technology services.

9/19/2023

Markets Mixed as Investors Await Fed Decision; Huawei Smartphone Stuns Despite Sanctions

Instacart shares rose 12.3% on their first day of trading, giving the company a valuation of over $11 billion.

9/20/2023

Stocks on the Move: Instacart Falls, Steelcase Soars After Earnings Beat, Klaviyo Jumps in IPO, Bausch Up on Upgrade, Stellantis Gains on Europe Sales

Instacart shares fall after going public, Steelcase soars on strong earnings, Klaviyo jumps after IPO, Bausch Health surges on upgraded rating, Stellantis sees sales growth in Europe, Pinterest rallies on revenue growth expectations, Coty raises full-year outlook, Zebra Technologies downgraded, Textron signs deal with NetJets, Chewy downgraded on pet category weakness, and various other companies see stock movements.

10/2/2023

Instacart Stock Struggles to Find Footing After IPO as Analysts Voice Concerns

Instacart stock is facing challenges and falling below its IPO price due to concerns raised by Wall Street analysts about the company's future prospects.