From Seeking Alpha:
Instacart (NASDAQ:CART) closed up 13% on Tuesday after trading started up 40% on the initial pricing. The company’s valuation at the end of the day was about $11.5B.
On Monday evening, the shares priced at $30 each, at the top of the range, giving it an initial valuation of $10B.
Earlier, Instacart (CART) — which is also known as Maplebear Inc. — boosted the range for its IPO to $28 to $30 to raise as much as $660 million in the offering on optimism thanks to the Arm Holdings (ARM) initial public offering.
The San Francisco-based company, led by Fidji Simo, a former Meta Platforms (META) executive, issued 22M shares, plus up to an additional 3.3M shares in aggregate, according to its latest S-1 filing.
The delivery app filed to go public last month and said in its prospectus that sales for the quarter ended in June rose 15% to $716M. Net income totaled $114M.
Instacart’s offering comes just days after Arm Holdings (ARM) priced at the top of its range and jumped 25% in its first day of trading.