This post was originally published on this site
The stock ended the prior session at $33.70 per share on the Nasdaq exchange, giving San Francisco-based Instacart a fully-diluted value of $11.2 billion. It had earlier surged by as much as 40% shortly after trading began.
Despite the stellar initial public offering, Instacart shares still have some way to climb to reach the lofty $39B valuation assigned to the company by private investors during the pandemic, when demand was boosted by a boom in at-home food orders.
But Instacart’s well-received debut still suggests an emerging optimism for the IPO market, which had recently gone dormant due to economic uncertainty, heightened interest rates, and slipping tech valuations.
Elsewhere, marketing automation group Klaviyo has priced approximately 19.2 million shares of its Series A common stock at $30 per share, topping an already upwardly revised target range of $27 – $29. The shares are expected to begin trading on the New York Stock Exchange on Wednesday under the ticker “KVYO.”
Underpinning this enthusiasm has been chip designer Arm (NASDAQ:ARM), which saw its shares leap to $63.59 in their own debut last week. Shares in the SoftBank-backed group have since edge back down closer to its offer price of $51.
