The IPO window is finally open, but companies are proceeding through it cautiously.
Driving the news: Grocery delivery company Instacart and marketing automation software provider Klaviyo both launched their IPO roadshows on Monday, but are expecting to be valued below their most recent venture capital rounds.
By the numbers: Instacart said it plans to offer 22 million shares at between $26 and $28 per share.
The bottom line: Both companies may be pricing for a pop, which often generates a virtuous headline cycle. And the very fact they’re going public at all suggests confidence that public market investors are finally ready to ride some private “unicorns,” even if at a lower altitude than previously expected.