A shopper prepares to fill his cart at a Giant supermarket in Washington, DC, April 6, 2020.
Evelyn Hockstein / The Washington Post via Getty Images)
Grocery delivery platform Instacart said Wednesday that it had filed a draft registration statement with the United States Securities and Exchange Commission (SEC), paving the way for the company to list its shares.
The grocery delivery company was valued at $ 39 billion in March 2021, when it raised $ 265 million. This made Instacart one of the most valuable companies in the United States at the time.
However, in March it said it would reduce its valuation by nearly 40% to around $ 24 billion, to reflect this year’s sell-off in tech stocks.
This development comes at a volatile time for tech stocks in the US this year, with the Nasdaq down nearly 30% from last November’s high.