Instacart said to target IPO before end of year - report
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Grocery delivery firm Instacart (ICART) is said to be targeting an initial public offering before the end of the year.
In May Instacart (ICART) said it confidentially filed a draft document for an initial public offering for the grocery delivery company.
Instacart is now in the process of responding to the SEC on its IPO paperwork, according to a WSJ report. Instacart is said to leading toward a traditional IPO, rather than a direct listing, which it had previously been considering.
Bloomberg first report in May that an Instacart public debut may happen as soon as this year and the company is working with banks on an IPO.
A potential IPO comes after a Bloomberg report last Monday indicated that Instacart investor Capital Group cut its valuation for the grocery delivery company to $14.7 billion, well below Instacart's own calculation of $24 billion.
The Instacart IPO comes as the service faces competition from DoorDash (DASH) and Uber (UBER) - not to mention start-up Gopuff and also Whole Foods parent Amazon.com (AMZN).
There were reports last year that Instacart had targeted an IPO for Q4 of 2021, though The Information reported in November that the company had put off plans until this year or later to focus on its growth.