(Boursier.com) — Instacart finally gained 12.3% last night for its introduction on Wall Street, to $33.70, after an intraday peak of nearly $43. The group had previously priced its IPO at the high end of the range, allowing it to raise $660 million in what constitutes one of the major IPOs of the year. The food delivery service has, as expected, increased its claims, selling 22 million titles at $30 each. The indicative range, from $28 to $30, had already been increased following the relative success of the introduction ofArm Holdings. Arm soared by almost 25% on September 14 for its first day of trading, but has since lost a lot of ground.
Based on yesterday’s close, Instacart is valued at over $11 billion on the Nasdaq. Note that the ‘pricing’ of the IPO of the marketing and data automation group Klaviyo also came out higher than initially expected at $30 per share, for 19.2 million shares, representing a valuation of $9.2 billion and fundraising of $576 million. Its indicative introduction range had already been increased. The German Birkenstock Holding is also preparing its arrival on the American coast.
The San Francisco group Instacart, led by the Frenchwoman Fidji Simo, who had previously left Sète for Silicon Valley and Facebook, therefore had a rather successful first trading day, but the valuation still remains well below 39 billion dollars from the financing round which was carried out more than two years ago.
The group’s existing shareholders will sell 7.9 million shares compared to 14.1 million for Instacart. Additionally, as part of the transaction, PepsiCo would purchase $175 million worth of convertible preferred securities. Other key investors in the transaction also include Norges Bank, TCV, Sequoia, Valiant Capital Management and D1 Capital Partners. D1 and Sequoia were already among the group’s major shareholders. San Francisco service Instacart, incorporated as Maplebear, posted first-half revenue growing 31% to $1.5 billion.
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