Instacart Surges 40% , in Trading Debut.
Instacart opened at $42 share on its first day of trading on Sept. 19, CNN reports. .
Its IPO was set at $30 a share.
That puts Instacart's market
valuation at over $11 billion.
That valuation is
significantly less than
the $39 billion the
company was worth in
2021 amid the pandemic.
As demand restabilized, Instacart's value sank.
Competitors such as Amazon and Walmart have
also given the company a run for its money.
Competitors such as Amazon and Walmart have
also given the company a run for its money.
But in an SEC filing on Sept. 11, Instacart said it "recently began generating profit.".
The first half of the year saw the company rake in a profit of $242 million, CNN reports. .
During the same time period last year, Instacart posted a $74 million loss.
Last year, Instacart added new features to stay competitive, such as offering faster deliveries for an upcharge