Instacart Delivers 12% Debut Gain After $660 Million IPO

Online grocery delivery company valued at $11 billion
Company’s shift to advertising revenue being put to test

WATCH: Online grocery delivery firm Instacart ended its trading debut 12% higher following the fourth-biggest US IPO this year. Katie Roof reports.Source: Bloomberg

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By Ryan Gould, Natalie Lung, and Katie Roof

September 19, 2023 at 5:03 PM UTC

Updated on

September 19, 2023 at 8:25 PM UTC

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Instacart racked up a 12% trading-debut gain in one of the year’s biggest initial public offerings, showing investors are receptive to the online grocery delivery firm’s pivot to advertising and also adding momentum to a rebound for US listings.

Instacart’s shares opened trading Tuesday at $42 each after selling for $30 — the top of a marketed range — to raise $660 million for the company and selling stockholders in the year’s fourth-biggest US IPO. The shares, which jumped as much as 43%, closed at $33.70 in New York, giving the company a market value of $9.3 billion.