Grocery delivery service Instacart aims for $616 mln raise in US IPO

Grocery delivery service Instacart is looking to raise up to $616 million along with selling stockholders in its initial public offering, a regulatory filing showed on Monday.

The San Francisco-based company and its selling shareholders are offering 22 million shares priced between $26 and $28 apiece. Like SoftBank's chip designer Arm and marketing automation firm Klaviyo, Instacart is expected to list its shares in September as part of a wave of high-profile names testing investor appetite for new listings.

The IPO market has been subdued for a major part of the last two years following Russia's invasion of Ukraine and the spike in interest rates.