(Bloomberg) -- Instacart and its backers set the stage for an initial public offering that may value the grocery-delivery business at as much as $9.3 billion, less than a quarter of what it was worth at the height of the Covid-19 pandemic.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiThe Mighty American Consumer Is About to Hit a Wall, Investors SayMeloni Tells China That Italy Plans to Exit Belt and RoadIndia’s G-20 Win Shows US Learning
The company is seeking to raise as much as $616 million in what could still be one of the biggest initial public offerings of the year, possibly opening the door to a rebound in US listings at a time when the market for them has been choppy.
Including stock options granted to employees and other factors, the company’s fully diluted valuation is $8.6 billion to $9.3 billion, based on Bloomberg News calculations. The value isn’t finalized and could still move higher based on investor demand. Chief Executive Officer Fidji Simo, who replaced Instacart co-founder Apoorva Mehta in 2021, will have to convince investors of her strategy to pivot the company to focus on grocery technology over grocery delivery, taking advantage of the voluminous amount of consumer data it collects to help grocery stores sell more.
San Francisco-based Instacart, which is incorporated as Maplebear Inc. and filed under that name, said revenue grew 31% to about $1.5 billion in the six months ended June 30. It posted net income of $242 million for the first half of the year, compared with a loss of $74 million for the same period last year.
Others that have either already filed for IPOs or are pursuing them include Vietnam-based internet startup VNG Ltd. and footwear maker Birkenstock.
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