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
