The largest online grocery delivery company in the United States, Instacart, has raised the IPO price range and plans to raise up to $660 million in funding.

According to Dolphin Research, Instacart, the largest online grocery delivery company in the United States, will increase the price range for its initial public offering (IPO) from $26 to $28 per share to $28 to $30 per share. The company plans to issue 22 million shares and aims to raise up to $660 million, with a valuation between $9.3 billion and $9.9 billion.

Instacart submitted its listing application to the U.S. Securities and Exchange Commission (SEC) at the end of August. The company plans to go public on September 19th on the Nasdaq under the ticker symbol "CART." Insiders revealed that Instacart is expected to determine the IPO price next Monday.

Instacart's listing may further stimulate the sluggish IPO market. Arm, a British chip company owned by SoftBank Group, went public on Thursday and saw a nearly 25% increase on its first day of trading. E-commerce marketing company Klaviyo is also preparing for an IPO. Insiders revealed that the company is working on a similar timeline as Instacart and is expected to determine the IPO price as early as next Monday, possibly listing on the same day.

According to data, Instacart, headquartered in San Francisco, California, is a company that provides online grocery order IT system integration services for grocery stores in the United States and Canada. The company has already partnered with over 1,400 chain and independent grocery stores across the United States. As of June 30, 2023, Instacart has received $3.75 billion in investments from investors such as Sequoia Capital and D1 Capital Partners.

According to data provider PitchBook, Instacart was valued at $39 billion in 2021. However, as consumers begin to return to restaurants in the post-pandemic era and the Federal Reserve raises borrowing costs to curb inflation, many ambitious startups have had to raise funds at lower valuations. Instacart significantly reduced its valuation internally last year, dropping to $10 billion in December.