The San-Francisco based company said late Monday that it sold 22 million shares at $30 each,
Instacart priced its shares at the upper end of its expected range, a sign of investor appetite for new offerings.
matching the upper end of the $28 to $30 price range it had planned to offer. This sets the startup’s valuation at $9.9 billion. The company starts trading on Nasdaq under the ticker CART. Instacart is one of the most hotly watched IPOs this year, following the listing of chip designer Arm Holdings last week. Taken together, they are expected to crack open the window for the IPO market, which has stayed rather dull for most of the year. There were 615 IPOs globally in the first half of this year, down 5% from a year earlier, according to Ernst & Young.
Arm saw tremendous demand for its shares, opening 10% higher than its IPO price, but enthusiasm has since cooled. Shares closed down by 4.5% on Friday and Monday, respectively.
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