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Instacart sets IPO price at $30 a share, valuing the company at about $10 billion

An instacart logo and an instacart webpage are shown in this photo, in New York, Wednesday, Sept. 6, 2023. (AP Photo/Richard Drew) (ASSOCIATED PRESS)

Instacart on Monday priced its initial public offering of stock at $30 a share, raising $660 million for the grocery delivery company.

San Francisco-based Instacart sold 22 million shares in the IPO. Trading of the company's stock is set to begin Tuesday on the Nasdaq stock exchange under the stock symbol “CART.”

The price was at the high end of an earlier range estimated by Instacart, reflecting a renewed confidence in tech stocks after last week's successful IPO of Arm Holdings, a U.K. chip designer.

The price gives Instacart a market value of around $10 billion. That's far lower than the $39 billion valuation the company announced in early 2021.

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Instacart is the market leader among third-party grocery delivery companies, according to YipitData, a market research firm. But it faces growing competition from others, including DoorDash and Uber Eats. It also competes with big grocers like Walmart, which offer their own delivery.

Instacart provides delivery and pickup from 85% of U.S. grocers, or more than 80,000 stores, using a network of 600,000 freelance shoppers. It also provides in-store technology, like smart carts and electronic shelf tags, and sells online ads to food companies and retailers.

The company says it has 7.7 million active customers who spend about $317 per month on the platform.