- Grocery delivery and pick-up service provider, Instacart Inc is planning to go public before the end of 2022, the Wall Street Journal reported.
- The move comes as a surprise as the volatility in the market is high, and 2022 is being labeled as one of the slowest years for IPOs in more than a decade.
- The company filed for an initial public offering with the Securities and Exchange Commission in 2022.
- The report noted that Instacart is planning a traditional IPO with a plan to raise funds for its future acquisitions.
- The company's business surged during the pandemic, and growth has slowed as people return to in-store shopping.
- Instacart cut its valuation by ~40% to $24 billion earlier this year.
- Recently, Instacart named Chief Executive Officer Fidji Simo as Chair of the Board of Directors, effective upon Founder & Executive Chairman Apoorva Mehta's transition off the Board once Instacart becomes a public company.
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