Instacart has confidentially filed with the U.S. securities regulator to go public, the online grocery delivery app said on Wednesday, weeks after the pandemic darling slashed its valuation by 40%.
The San Francisco-based startup did not disclose any details on the size and timing of its market debut in the statement.
A company spokesperson declined to provide further details.
Instacart's growth boomed during the pandemic as stuck-at-home consumers lapped up its doorstep delivery services, but the company was forced to cut its valuation by nearly 40% to about $24 billion in March due to recent market turbulence.
Reuters had reported last year that Instacart was considering going public through a direct listing, concerned that it could leave money on the table through a traditional IPO.
Goldman Sachs and JP Morgan are working on the offering, a person familiar with the talks told Reuters.
Goldman Sachs declined to comment, while JP Morgan did not immediately respond.
A listing could happen as soon as this year though the timing could slip, according to a Bloomberg report https://www.bloomberg.com/news/articles/2022-05-12/instacart-is-said-to-file-confidentially-for-an-ipo-in-us on Wednesday, that added the company could still remain private.
Several public companies in the food delivery market have seen their shares plummet amid a broader tech selloff this year, and as investors worry about growth potential.
Bigger rivals are trying to grab market share with Walmart Inc beefing up its grocery deliveries and DoorDash's recent acquisition of European rival Wolt for $8 billion.
(Reporting by Akriti Sharma and Tanvi Mehta in Bengaluru, additional reporting by Juby Babu; Editing by Sherry Jacob-Phillips)