Grocery delivery company Instacart plans to price its IPO on Monday night and begin trading on Tuesday, sources tell Axios.
Behind the scenes: The Nasdaq opening bell will be rung from Instacart’s San Francisco headquarters, where the company will be hosting a celebratory event for employees.
A company spokesperson declined to comment.
Details: Instacart on Friday increased its expected IPO price range to $28-$30 per share from $26-$28 per share.
This could put the company’s fully diluted market value at nearly $10 billion, were it to price at the top of its range. That’s still well below where the company was valued in its last private funding round, and below a subsequent internal valuation reset.
Around $400 million of the shares will be purchased by a group of cornerstone investors, while PepsiCo agreed to buy another $175 million in a concurrent private placement.
The big picture: Instacart is a major player in the IPO market revival, following this week’s listing for chip design giant Arm and before next week’s IPO for marketing software company Klaviyo.