Instacart has filed for the IPO, with an IPO expected to take place in just a few weeks. (Herald file photo)
Grocery delivery service Instacart goes public. The San Francisco-based company filed filings with the US Securities and Exchange Commission on Friday. The IPO is expected to take place in the next few weeks.
Instacart said it plans to trade on the NASDAQ exchange under the stock symbol “CART.”
The number of shares and the price have not yet been determined, the company said. PepsiCo has agreed to purchase $175 million of convertible preferred stock in a private placement, Instacart said.
In a letter to investors, Instacart CEO Fidji Simo said online groceries have huge potential.
The US grocery market is a $1.1 trillion industry, yet only 12% of revenue is generated online. She assumes that this value will at least double over time.
“We have demonstrated our ability to help our retail partners drive strong growth and remain competitive in a complex and increasingly digital industry,” wrote Simo.
Blockbusters boost the economy
The Taylor Swift, Beyoncé and “Barbenheimer” fever is giving the US economy a good boost.
According to Bloomberg Economics, megastar tours and blockbuster films are expected to add up to $8.5 billion to U.S. growth in the third quarter. The nearly 50 US concerts the artists have planned could add $5.4 billion to gross domestic product, while the films “Barbie” and “Oppenheimer” are expected to generate around $3.1 billion in consumer spending and exports international ticket sales.
Taken together, this would increase annualized real consumer spending and GDP by 0.7 and 0.5 percentage points, respectively, over the July-September period, economists Anna Wong and Eliza Winger wrote in a note last week.
Economists almost doubled their growth forecast for the July-September period, partly on the back of spending increases.
Labor Day sale
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