Grocery delivery app Instacart makes IPO filing public

(Reuters) -Grocery delivery app Instacart on Friday made public its filing for a stock market flotation in New York, setting the stage for one of the most anticipated listings in recent years.

Offering a detailed look into its finances for the first time, Instacart said its revenue had surged 31% to $1.48 billion in the six months ended June 30.

The U.S. initial public offering (IPO) market has shown signs of revival in recent months after a drought in 2022, as markets climb on bets that the Federal Reserve could guide the economy to a “soft landing”.

Excluding special purpose acquisition companies (SPACs), $10.3 billion has been raised via 77 IPOs so far this year, nearly double the amount in the same period in 2022, according to data from Dealogic.

SoftBank (TYO:) Group’s chip designer Arm is also expected to list its shares in New York soon.

Instacart had 15 months earlier confidentially filed to go public — typically a precursor to an imminent listing.

The San Francisco-based company was earlier aiming to list in the fourth quarter of last year, but deferred its plans as a sell-off in technology stocks and the Federal Reserve’s relentless rate hikes led to a rout in equities.

But the fact that the company is churning a profit could also help it find favor among picky IPO investors, who have since last year have been preferring profitable firms over ambitious but loss-making startups.

The company’s net income was $242 million during the six-month period, compared to a $74 million loss a year earlier.

Goldman Sachs and J.P.Morgan are the lead underwriters for the offering, Instacart said, adding that its shares would be listed on the Nasdaq under the symbol “CART.”