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Instacart (CART) priced its initial public offering on Monday at $30 per share, at the top of a previously stated range, giving it a valuation of $10B.
Based in San Francisco, Instacart (CART) — which is also known as Maplebear Inc. — boosted the range for its IPO to $28 to $30 to raise as much as $660 million in the offering on optimism thanks to the Arm Holdings (ARM) initial public offering.
The company, led by Fidji Simo, a former Meta Platforms (META) executive, will issue 22M shares in total, plus up to an additional 3.3M shares in aggregate, according to its latest S-1 filing. At the high end of the range, the IPO would have raised $660M, and the company will be valued between $9.3B and $9.9B.
The delivery app filed to go public last month and said in its prospectus that sales for the quarter ended in June rose 15% to $716M. Net income totaled $114M.
Instacart’s offering comes just days days after Arm Holdings (ARM) priced at the top of its range and jumped 25% in its first day of trading.
Arm, majority-owned by SoftBank Group’s (OTCPK:SFTBY), sold more than 95.5M shares giving it a valuation at more than $54B, according to a statement released on Thursday. The offering priced at the top of the expected range of $47 to $51.
The selling shareholder, a wholly-owned subsidiary of SoftBank, granted the underwriters an option to purchase up to an additional 7 million ADSs to cover over-allotment, if any, for 30 days after the date of the final prospectus.
The British chip design firm, which has nearly 6,000 full-time employees, saw revenue for the fiscal year ended in March relatively flat at $2.679B compared to $2.703B a year earlier. Net income from continuing operations for the year totaled $524M compared to $676M in the previous period.
