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The San Francisco-based startup did not specify its IPO size, price range nor details on when the listing is expected to hit the market.
The company, a pandemic darling as doorstep delivery boomed, had cut its valuation by nearly 40% to about $24 billion in March, in an unusual move that showed how market volatility affected high-flying private companies.
Reuters had reported last year that the delivery platform is considering going public through a direct listing, concerned that it could leave money on the table through a traditional IPO.
A listing could happen as soon as this year though the timing could slip, according to a Bloomberg report on Wednesday, adding that the company could still remain private.
Instacart is working with Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) on an offering, the report added, citing people familiar with the matter.
Representatives for Instacart, Goldman Sachs and Morgan Stanley did not immediately respond to Reuters requests for a comment.
