Shares of Instacart CART are set to receive a warm reception in their Wall Street debut, as early indications are for the grocery delivery app’s stock to open about 30% above where the initial public offering priced. While the stock isn’t expected to trade for a while, perhaps hours, the first indication from the Nasdaq was for the first trade to be around $39.00, while the IPO priced at $30 a share, according to FactSet data. At that price, the company, which is officially named Maplebear Inc. and doing business as Instacart, would be valued at about $13.2 billion, based on 338.8 million common shares outstanding (as-converted, fully diluted). In last week’s high-profile IPO of semiconductor-design company Arm Holdings PLC, the stock’s ARM first trade was 10% above the IPO price, but it closed 24.7% above the IPO price on the first day.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
