Grocery delivery app Instacart on Friday revealed a 31% jump in revenue for the first half of the year as it made public its filing for a stock market flotation in New York, setting the stage for one of the most anticipated listings in recent years.
The development comes 15 months after Instacart submitted its IPO paperwork confidentially, a move that is typically a precursor to an imminent listing.
Offering a detailed look into its finances for the first time, Instacart said its revenue had surged 31% to $1.48 billion in the six months ended June 30. The company's net income was $242 million during the six-month period, compared to a $74 million loss a year earlier.chip designer Arm are expected to revitalize the U.S. IPO market, which has already seen some green shoots this year after a drought in 2022, on bets that the Fed could guide the economy to a "soft landing."
"I think we're going to see more companies kick off their process in 2024, which is when a healthy IPO market will return," said Mike Bellin, IPO services leader at PricewaterhouseCoopers U.S.
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