Late Stage Mature Pre IPO Unicorns -

Instacart closes up 13%, down from an initial flourish; Valuation at $11.5B

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.