Instacart’s public market debut: top stories on the grocery delivery company’s IPO
Apoorva Mehta, more than a decade ago, is now a publicly traded company on the US stock exchange Nasdaq.
Instacart, the San-Francisco-based startup, listed its shares on the Nasdaq on Tuesday at $30 a piece, aiming to raise $660 million at a valuation close to $10 billion. Although its market value at public listing was only a fraction of its 2021-valuation of $39 billion, the IPO coincides with a resurgence of optimism from tech companies towards the public market.
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The IPO came a week after the much-awaited listing of SoftBank-owned British chipmaker Arm made a debut at the bourses on September 14.
Instacart’s founder and Indian-Canadian entrepreneur Mehta took to X (formerly Twitter), on the day of Instacart’s listing to share his journey from an empty fridge to Nasdaq.
“More than a decade ago, I was sitting in my apartment in San Francisco bemoaning the fact that the only thing I had in my refrigerator was hot sauce. Don’t get me wrong, I love hot sauce, but you can’t exactly make it a meal,” Mehta wrote on X.
“My empty refrigerator was an ongoing problem — and a source of inspiration. It was 2012 and I could shop for everything online except groceries. That was a lightbulb moment for me, and I got started coding the first version of the Instacart App,” he added.
Here is a look at top stories on the IPO
Instacart set for Wall Street debut
