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Update 2:40 a.m: Added Instacart confirmation in press release.
Instacart (ICART) said it confidentially submitted a draft document for an IPO for the food delivery company.
Instacart announced that it has confidentially filed a draft registration statement on Form S-1 with the Securities and Exchange Commission, according to a statement from the San Francisco-based company.
A public debut of Instacart could happen as early as this year, and the company is working on an IPO with Goldman Sachs and Morgan Stanley, according to a Bloomberg report Wednesday night that broke the news.
The IPO news comes after Bloomberg reported in March that Instacart (ICART) slashed its valuation by almost 40% to about $24 billion, a big drop from the $39 billion valuation the grocery delivery company was trading at Capital titans Andreessen Horowitz, Sequoia Capital and hedge fund D1 Capital Partners were tagged in a fundraising round in March 2021 that included a venture.
Instacart’s IPO comes as the service faces competition from DoorDash (DASH) and Uber (UBER) — not to mention startup Gopuff and Whole Foods’ parent Amazon.com (AMZN).
Last year there were reports that Instacart was targeting an IPO for the fourth quarter of 2021, although The Information reported in November that the company had pushed back its plans to this year or later to focus on its growth.
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