(Reuters) – Grocery delivery app Instacart is planning to sell shares in its initial public offering (IPO) for $30 apiece and perhaps more, Bloomberg News reported on Monday, citing people familiar with the matter.
The company is heading to the bourse almost three years after it kicked off preparations for going public. A successful dash across the finish line by Instacart would help carry the momentum forward after strong debuts by Arm Holdings and RayzeBio last week.
Instacart on Friday raised its proposed price range for its IPO, offering to sell 22 million shares now at $28 to $30 each compared to its previous price range of $26 to $28 each.
San Francisco-based Instacart is in talks to price the shares at the top of that range or potentially higher at $31, according to Bloomberg.
Instacart, which filed for the IPO as “Maplebear,” declined to comment.
(Reporting by Arunima Kumar in Bengaluru; Editing by Shweta Agarwal)
