The San Francisco-based grocery delivery company raised $660 million in its initial public offering of stock, selling 22 million shares at $30 apiece.
Its shares were set to begin trading Tuesday on the Nasdaq stock exchange under the stock symbol"CART."
"We have demonstrated our ability to help our retail partners drive strong growth and stay competitive in a complex and increasingly digital industry," wrote Simo, a former Facebook executive who became Instacart's CEO in 2021. As of August, Instacart controlled 70% of the third-party U.S. grocery delivery market, according to YipitData, a market research firm. DoorDash controls around 10%. This week, DoorDash added more U.S. grocers to its offerings, including Cub, Lowe's Markets and Eataly.
Some grocers have unwound partnerships with Instacart or built up their own delivery capability. H-E-B, a Texas chain, encourages customers to shop on its own site, not Instacart's, if they want lower-cost delivery, Bishop said. Other big grocers, like Walmart and Target, also do their own deliveries.
Still, Instacart's revenue was up 31% to $1.47 million in the first six months of this year, largely due to increases in the advertising fees it collects from retailers and food companies. The company reported net income of $242 million in the first six months of this year.
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