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Instacart might initiate the process of publicly filing its IPO plans with the U.S. Securities and Exchange Commission (SEC) as soon as next week. The company, which was previously mulling over a direct listing, is now leaning towards a traditional IPO on the Nasdaq stock exchange.
Last year, Instacart had already made headlines by revealing that it had confidentially submitted its intentions to go public with the SEC. It was also reported by Bloomberg News that the company was collaborating with notable financial institutions including Goldman Sachs and JPMorgan Chase as it prepares to go public.
The grocery-delivery business reportedly slashed its valuation to roughly $13 billion earlier this year. The company has raised $2.74B from investors and it was valued at as much as $39B at one point during the market boom in 2021.
Its long list of investors includes firms such as Tiger Global Management, Coatue Management, and D1 Capital Partners.
