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More details are coming in about Instacart’s initial public offering (IPO).
The grocery delivery company submitted an updated filing for its IPO and said it plans on generating up to $616 million in new capital, according to reporting by CNBC.
The boost in funding could put Instacart’s valuation to as much as $9.3 billion. The offer price is expected to be set between $26 and $28, which at $28 would produce the $616 million in proceeds. The San Francisco-based retailer is going to issue 22 million shares which includes 14.1 million shares from Instacart and 7.9 million shares from selling stockholders.
The valuation, which includes restricted stock units, stock options, and warrants, that Instacart is looking to garner falls in the $8.6 billion-$9.3 billion range.
PepsiCo is already said to be good for $175 million worth of shares, and another huge investor could enter the picture — Norway’s sovereign wealth fund Norges Bank Investment Management. The fund would purchase up to about $400 million in the offering.
Instacart, however, advised that the numbers now are fluid, stating that underwriters, which include Goldman Sachs, could decide to sell more, less, or zero shares to any of the prime investors. On the flip side, prime investors could buy more, less, or zero shares in the offering.
Instacart could not be reached for comment at time of publication.
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