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Update 3:55pm: Adds reports on timing for IPO.
Instacart (CART) boosted the range for its IPO to $28 to $30 and now may raise as much as $660 million in the offering.
The grocery delivery and pickup raised the expected range from $26 to $28. Instacart (CART) will issue 22 million shares in total, plus up to an additional 3.3 million shares in aggregate, according to its latest S-1 filing. At the high end of the range, the IPO will raise $660 million, and the company will be valued at $9.3 billion to $9.9 billion.
Instacart (CART) is expect to price the IPO on Monday and begin trading on Tuesday, according to an Axios report, which cited sources. Bloomberg reported the IPO timing last week. Instacart declined to comment to Seeking Alpha on the timing on Friday.
Instacart (CART) filed to go public last month and said in its prospectus that sales for the quarter ended in June rose 15% to $716 million. Net income totaled $114 million.
The Instacart (CART) upped price range comes after Arm Holdings (ARM) went public Thursday in the biggest IPO of the year, with the shares jumping 25% on their first day of trading.
