(Reuters) -Grocery delivery app Instacart on Friday made public its filing for a stock market flotation in New York, setting the stage for one of the most anticipated listings in recent years.
Offering a detailed look into its finances for the first time, Instacart said its revenue had surged 31% to $1.48 billion in the six months ended June 30.
The U.S. initial public offering (IPO) market has shown signs of revival in recent months after a drought in 2022, as markets climb on bets that the Federal Reserve could guide the economy to a “soft landing”.
Excluding special purpose acquisition companies (SPACs), $10.3 billion has been raised via 77 IPOs so far this year, nearly double the amount in the same period in 2022, according to data from Dealogic.
SoftBank Group’s chip designer Arm is also expected to list its shares in New York soon.
Instacart had 15 months earlier confidentially filed to go public — typically a precursor to an imminent listing.
The San Francisco-based company was earlier aiming to list in the fourth quarter of last year, but deferred its plans as a sell-off in technology stocks and the Federal Reserve’s relentless rate hikes led to a rout in equities.
But the fact that the company is churning a profit could also help it find favor among picky IPO investors, who have since last year have been preferring profitable firms over ambitious but loss-making startups.
The company’s net income was $242 million during the six-month period, compared to a $74 million loss a year earlier.
Goldman Sachs and J.P.Morgan are the lead underwriters for the offering, Instacart said, adding that its shares would be listed on the Nasdaq under the symbol “CART.”
(Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar, Shinjini Ganguli and Maju Samuel)
