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Instacart surges on stock market debut

AuthorYasin Ebrahim
Published 09/19/2023, 12:57 PM
Updated 09/19/2023, 02:37 PM
© Reuters

Investing.com -- Instacart surged on its stock market debut on Tuesday as investors rushed to buy shares of the online grocery delivery company. 

Instacart ( Maplebear Inc.) (NASDAQ:CART) opened at $42 on the Nasdaq in afternoon trading, up more than 40% from its IPO price of $30 a share, but gave up some gains to trade about 23% higher. 

The initial surge pushed value of the company to over $14B, well above its $10B IPO valuation. 

The online grocery delivery company generates the bulk of its revenue from its core grocery delivery business, but has seen demand for grocery deliveries ease since the pandemic-era boom. 

Instacart's data and advertising business, however, has continued to gain momentum, with advertising and other revenues rising 2.8% as a percentage gross transaction value in the second quarter from 2.7% in 1Q and 2.4% a year ago, according to the company's S-1 filing. 

Latest comments

After IPO all the data and advertising business will conveniently slow down and earnings result are no longer as rosy that IBs 🐂💩pre IPO......
sell this trash to ground
these companies make no money. just like ubers and lyfts and other leeches
This is an amazing short opportunity going into a recession! Thanks!!!
doordash, instacart, all these delivery shit will hit bottom when consumers run outta their money
banks supporting the market lie good dogs to their master
Definitely wont stayvthe high
Instagram will be below IPO opening within a few months, easily.
hi
company
Aaaaand wlll be at $25 ny the end of the week.
How can I use the code?
fed meeting time
Shades of the Dotcom nonsense of 2000. Bring me my groceries didn't work back then, I doubt it will work now.
You might be right but we also didnt have smartphones back then makes the process easier and streamlined. Also allows for realtime changes to an order, plus people have become lazy and socially anxious, a trend i dont see getting better anytime soon
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