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News on Medial
Instacart valued at $9.9 billion as IPO market rebounds
Economic Times
·
1y ago
Medial
Instacart, the grocery delivery app, has priced its initial public offering (IPO) at the top of its range, resulting in a $9.9 billion fully diluted valuation. The IPO was priced at $30 per share, raising $660 million based on 22 million shares sold. This is a lower valuation compared to the $39 billion value assigned by investors in a private fundraising round earlier this year. The offering signifies the rebound of the US IPO market, which had been quiet until recent successful IPOs like Klaviyo and Arm.
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Instacart Founder Mehta exits startup with $1.1 bn after IPO
BQ Prime
·
1y ago
Medial
Instacart co-founder Apoorva Mehta is set to become a billionaire with a $1.1 billion fortune following the company's initial public offering (IPO). Mehta, who stepped down as CEO in August 2021, will remain Instacart's largest individual shareholder after the IPO. He also has a stake in his new health-tech startup, Cloud Health Systems, which aims to address chronic illness and was valued at $200 million in a 2022 financing round. Instacart priced its IPO at $30 a share, giving it a $9.9 billion valuation, and the shares jumped more than 40% on the first day of trading.
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Who is Apoorva Mehta, Instacart Co-founder who made a ₹9,100 crore exit?
Hindustan Times
·
1y ago
Medial
Apoorva Mehta went from being an engineer at Amazon to becoming a billionaire at age 37, thanks to his innovative business idea. In 2012, Mehta founded Instacart, a platform for grocery delivery that now serves over 7.7 million customers and partners with more than 80,000 retailers in the US. The inspiration for Instacart came to Mehta when he realized that he could buy everything online except groceries. The company recently went public with an IPO valuation of $9.9 billion.
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Grocery delivery app Instacart makes IPO filing public
Economic Times
·
1y ago
Medial
Grocery delivery app Instacart has reported a 31% increase in revenue for the first half of the year and filed for an IPO on the New York Stock Exchange. The company's revenue reached $1.48 billion in the six months ending June 30, with net income at $242 million compared to a $74 million loss the previous year. The profitable status could make Instacart more attractive to investors. The IPO, along with others like SoftBank-backed chip designer Arm, is expected to reinvigorate the US IPO market, which saw a downturn in 2022.
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The recent tech IPOs are flirting with negative territory
TechCrunch
·
1y ago
Medial
The recent IPOs of Instacart and Klaviyo initially saw their share prices rise but have since lost most, if not all, of their post-debut gains. Arm's successful listing provided hope for more exits in the tech industry, but these recent IPOs highlight the challenges of maintaining momentum in the market. Instacart went public at $30 per share, reached a high of $42.95 per share, and is now valued at $29.97 per share. Klaviyo started at $31 per share, peaked at $39.47 per share, and is currently valued at $32.15 per share.
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Instacart reveals IPO filing, disclosing PepsiCo investment, profitability
Economic Times
·
1y ago
Medial
Grocery delivery service Instacart announced its core business turned profitable as it filed for its long-awaited initial public offering (IPO). The San Francisco-based company disclosed an investment of $175 million from PepsiCo Inc. and revealed cornerstone investors for its IPO, including Norges Bank Investment Management and venture capital firms TCV, Sequoia Capital, D1 Capital Partners, and Valiant Capital Management. Instacart reported revenue of $1.48 billion for the six months ending June 30, with net income of $242 million. The IPO is expected to take place in September, alongside other high-profile names entering the market.
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Grocery delivery service Instacart aims for $616 million raise in US IPO
Economic Times
·
1y ago
Medial
Grocery delivery service Instacart plans to raise up to $616 million through its initial public offering (IPO), offering 22 million shares at a price range of $26 to $28 per share. The San Francisco-based company is joining a wave of high-profile names going public in September as it tests investor appetite in the IPO market. Instacart's IPO comes after a subdued market in recent years due to factors such as geopolitical events and interest rate increases.
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Didn’t want my legacy to be defined by one company: Instacart founder Apoorva Mehta
Economic Times
·
1y ago
Medial
Apoorva Mehta, founder of Instacart, discusses the challenges of taking the grocery delivery startup public during a tech IPO downturn. Despite strong financials, Instacart's shares still trade below the listing price. Mehta, now focused on his healthtech startup Cloud Health Systems, reflects on his time at Instacart, competing with Amazon, and the decision to go public. He addresses the value erosion and the broader tech IPO market, emphasizing the importance of long-term company stability. Mehta also hints at the challenges and opportunities in the healthcare sector.
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IPO-bound Infra.Market raises fresh capital after mopping up over $120 mn
VCCircle
·
2m ago
Medial
Building materials platform Infra.Market has secured fresh equity capital ahead of its planned IPO, following a pre-IPO funding round that valued the company at $2.8 billion. The Mumbai-based company, operated by Hella Infra Market Ltd, managed to raise over $120 million.
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Jewellery retailer Bluestone files for IPO, to sell fresh shares worth $118 million
Economic Times
·
7m ago
Medial
Bluestone Jewellery and Lifestyle, a leading jeweller in India, has filed for an initial public offering (IPO). They aim to raise funds through fresh shares valued at Rs 10 billion ($117.8 million). Additionally, existing shareholders, including Accel and Kalaari Capital, will sell 24 million shares in the offering. India's jewellery market, estimated at $85.52 billion in 2023, is expected to grow 5.7% annually by 2030. Bluestone is the latest company to join the booming IPO market in India, with over 300 companies raising $17.5 billion in 2024. The funds from the IPO will be used for working capital requirements. Axis Capital, IIFL Capital, and Kotak Investment Banking will act as book-running lead managers for the IPO.
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Reddit shares open 38% above IPO price
Economic Times
·
1y ago
Medial
Reddit's shares made a strong stock market debut, opening 38% higher than the initial public offering (IPO) price. The social media platform was valued at $8.87 billion, with an IPO valuation of $6.4 billion. Reddit's entry into the stock market is seen as a major test for the IPO market, and its success or failure could impact other companies' plans to go public. The company's popularity surged during the meme-stock frenzy of 2021, with retail investors collaborating on its forum to buy shares of highly shorted companies. However, analysts have raised concerns about the risky retail allocation strategy employed by Reddit.
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