Instacart, the well-known grocery delivery firm, has revised its initial public offering (IPO) price range to $28-$30 per share, up from the previous range of $26-$28, as reported on Friday. The adjustment pushes the company's valuation to between $9.3 billion and $9.9 billion, exceeding its original target of $8.6 billion to $9.3 billion, according to recent filings with the Securities and Exchange Commission.
The decision to raise the IPO price comes following the successful stock market debut of Arm Holdings earlier this week. The shares of the chip designer soared 10% above the IPO price on their first day of trading, opening at $56.10 each and closing at $63.59.
Instacart, operating under parent company Maplebear, is slated to make its stock market debut next week under the ticker symbol "CART." The firm was founded in 2012 and officially filed for an IPO on August 25, 2023.
PepsiCo (NASDAQ:PEP) has pledged to purchase $175 million worth of Instacart's Series A redeemable convertible preferred stock, as part of the deal.
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