Instacart, which operates a grocery delivery platform, raised $660 million by offering 22 million shares (36% secondary) at $30, the high end of the range of $28 to $30. The company had originally filed with a proposed range of $26 to $28, before increasing the range on Friday.
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Instacart is the first US-based tech unicorn to go public since 2021. Another tech unicorn, Klaviyo (KVYO), is scheduled to price Tuesday night, having also increased the range.
Cornerstone investors indicated an interest in purchasing $400 million of the IPO. Additionally, PepsiCo agreed to invest $175 million in redeemable convertible preferred stock in a concurrent private placement.
Instacart offers consumers on-demand delivery or pickup across a variety of use cases including the weekly shop, bulk stock-up, convenience, and special occasions at the speed that best serves their needs. The company's retail partners reach 7.7 million monthly active orderers who spend approximately $317 per month on average on Instacart. Retailers reach customers through both the Instacart Marketplace and the Instacart Enterprise Platform, which allows retailers to use Instacart's technology to power their own websites, apps, and retail operations. Additionally, 5,500 consumer packaged brands utilize Instacart Ads to become more easily discoverable to customers.
Instacart (Maplebear Inc.) plans to list on the Nasdaq under the symbol CART. Goldman Sachs, J.P. Morgan, BofA Securities, Barclays, and Citi acted as joint bookrunners on the deal.
