Instacart surges on stock market debut By
2023-09-20 02:20:04
more 
848

-- Instacart surged on its stock market debut on Tuesday as investors rushed to buy shares of the online grocery delivery company. 

Instacart opened at $42 on the Nasdaq in afternoon trading, up more than 40% from its IPO price of $30 a share. The surge took its value of over $14B, well above its $10B IPO valuation. 

The online grocery delivery company generates the bulk of its revenue from its core grocery delivery business, but has seen demand for grocery deliveries ease since the pandemic-era boom. 

Instacart's data and advertising business, however, has continued to gain momentum, with advertising and other revenues rising 2.8% as a percentage gross transaction value in the second quarter from 2.7% in 1Q and 2.4% a year ago, according to the company's S-1 filing. 

Statement:
The content of this article does not represent the views of fxgecko website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!

Related News

您正在访问的是FxGecko网站。 FxGecko互联网及其移动端产品是中国香港特别行政区成立的Hitorank Co.,LIMITED旗下运营和管理的一款面向全球发行的企业资讯査询工具。

您的IP为 中国大陆地区,抱歉的通知您,不能为您提供查询服务,还请谅解。请遵守当地地法律。