Instacart Shelves Plans for 2022 IPO, Citing Market Turmoil
- CEO emphasized market timing in Thursday memo to staff
- The company had earlier slashed its valuation multiple times
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Food delivery giant Instacart Inc. is holding off on plans to go public until at least next year, according people familiar with the matter. Instacart had been planning to file its S-1 filing this week but reconsidered amid a turbulent market, the people said.
The company’s chief executive officer, Fidji Simo, wrote in a memo to staff on Thursday night that “extremely tumultuous” markets made it “highly unlikely” that an initial public offering would be possible for the company in 2022.