Instacart Prices IPO at $30 a Share, Valuing Grocery Delivery Company at About $10 Billion
September 19, 2023
Grocery delivery giant Instacart has priced its long-awaited IPO at $30 per share, valuing the company at around $10 billion on a fully diluted basis. The offering, which came in at the top end of the expected range, marks the first significant venture-backed tech IPO in the U.S. since December 2021. Instacart, which experienced a boom in business during the pandemic, had to significantly reduce its stock price to make it attractive for public market investors.
Recent News
Media Giants Depend on Sports As Content Shortages Rise
As Hollywood emerges from last year’s strikes, major media companies are turning to live sports to attract audiences and advertisers. This trend was evident during this year’s Upfront presentations, where media giants showcased their upcoming content and advertising opportunities.
New Trader Joe’s Opens in SF After 10 Years
San Francisco’s Hayes Valley neighborhood welcomed a highly anticipated new addition on May 17, 2024, with the grand opening of a Trader Joe’s at 555 Fulton St., on the corner of Laguna Street. This event marks the end of a decade-long wait for residents who have been eagerly looking forward to a new grocery store in their area.
China’s Property Market Boost: Stocks Surge, Copper Hits Highs
The Chinese government unveiled a comprehensive support package that has sent ripples through financial markets. This initiative includes a slew of measures aimed at stimulating housing demand and addressing the excess inventory burdening developers. The immediate impact was a significant rally in Chinese stocks and a surge in commodity prices, notably copper, which hit record highs.
Mercedes-Benz Workers in Alabama Reject Union
In a pivotal moment for autoworkers in the southern United States, employees at a Mercedes-Benz plant in Alabama have voted against joining the United Auto Workers (UAW) union. The outcome, with 56% of workers voting against unionization and 44% in favor, comes as a significant setback for the UAW’s efforts to expand its influence in the region.