Grocery delivery firm Instacart has filed a registration statement for a proposed initial public offering (IPO).
Maplebear, the company that does business as Instacart, filed the Form S-1 with the Securities and Exchange Commission (SEC) and intends to list its common stock on the Nasdaq Global Select Market under the symbol “CART,” the company said in a Friday (Aug. 25) press release.
The company has not yet determined the number of shares to be offered and the price range for the proposed offering, according to the release.
Instacart is the leading grocery technology partner to more than 1,400 retail banners that account for greater than 85% of the U.S. grocery market, the company said in its filing.
During the 12 months ended June 30, Instacart recorded a gross transaction value (GTV) of $29.4 billion, 263 million orders and a $2.2 billion gross profit, according to the form.
“As I write this, a massive digital transformation is underway in the grocery industry,” Instacart CEO Fidji Simo said in the Form S-1. “Grocery is the largest retail category and represents a $1.1 trillion industry in the United States alone. But only 12% of grocery sales are made online today. As even more people shop online, online penetration could double or more over time.”
Simo added that consumers increasingly want omnichannel shopping options and a personalized experience both online and in-store.
Retailers looking to navigate this changing business need a partner, and Instacart can meet that need as a grocery technology company, Simo wrote in the filing.
“At Instacart, we know technology will play a crucial part in transforming the largest retail category in the world,” Simo wrote. “We also know that the future of grocery should belong to the people who make it special today — and we can help them continue to innovate.”
An Instacart IPO may open the door for other eCommerce platforms to enter the market, PYMNTS reported Aug. 18, when the online grocer was still mulling an IPO but was expected to make a decision within a week.
The listing had been delayed in the face of challenging overall market conditions. Beyond Instacart, there may be a potential for other digital disruptors to come back to the traditional IPO model.