Instacart, which is pushing ahead with an IPO alongside chip designer Arm, posted a first-half net profit of $242 million, adding momentum to a return to a high-profile listing.

The largest online grocery delivery company in the U.S. disclosed in its report archive On Friday, the US Securities and Exchange Commission announced that PepsiCo would buy $175 million worth of preferred convertible stock. The San Francisco-based company would not disclose the price and size of its planned stock sale until a filing later.

Instacart’s listing could further energize what has been a hit and miss IPO market. Arm, the semiconductor designer majority-owned by SoftBank Group Corp., filed on Monday in what is expected to be the biggest IPO of the year, expected in September.

Marketing and data automation provider Klaviyo filed for an IPO on Friday, and shoemaker Birkenstock is also preparing, according to Bloomberg. In their wake are dozens of startups whose IPO aspirations have been hampered by the slowest year for new listings since the depths of the financial crisis in 2009.

Founded in 2012 and renamed Maplebear Inc., Instacart has been preparing to go public for years, hoping to capitalize on its surge in popularity during the coronavirus pandemic, as online shopping has become the norm and, in some cases, a necessity. .

Instacart raised $2.74 billion as a startup with a 2021 valuation of $39 billion, according to data provider PitchBook.But as the pandemic receded and diners began to emerge from lockdowns to return to restaurants and hang out in grocery aisles, Instacart’s growth slowed, forcing the company to cut its internal valuation That figure had tripled to about $13 billion as of last October.

Its long list of investors includes firms such as Tiger Global Management, Coatue Management and D1 Capital Partners, according to PitchBook.

The offering was led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. The company plans to trade its shares on the Nasdaq Global Select Market under the symbol CART.


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