Grocery delivery company Maplebear d/b/a Instacart has revealed the filing of registration statement for the proposed initial public offering (IPO) of shares of common stock with the US Securities and Exchange Commission.
In the filing, the company said that multinational food and beverage company PepsiCo has agreed to buy $175m of its Series A redeemable convertible preferred stock, or the Series A Preferred Stock, in a private placement.
Instacart said that Norges Bank Investment Management, a division of Norges Bank, and entities affiliated with venture capital firms TCV, Sequoia Capital, D1 Capital Partners and Valiant Capital Management indicated an interest in purchasing shares of common stock in an aggregate amount of up to around $400m in this offering at the IPO price per share.
For the six months ended 30 June, Instacart reported revenue of $1.48bn, up 31% from the same period last year, while its advertising and other revenue surged 24% to $406m.
The company reported net income of $242m during the period, compared to loss of $74m a year earlier.
In its filing, Instacart said: “While we do not expect our pandemic-accelerated growth rates to recur in future periods, our growth during this period helped establish a business with much greater scale and much higher gross profit.”
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Instacart expects to list its shares in September, under the symbol CART.
Goldman Sachs and JP Morgan Securities are the representatives of the underwriters.
Last month, Instacart and grocery retailer Schnuck Markets expanded their omnichannel partnership with the introduction of smart carts in select stores in the US.