Instacart (ICART) said it confidentially filed a draft document for an initial public offering for the grocery delivery company.
Instacart announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission, according to a statement from the San-Francisco based company.
An Instacart public debut may happen as soon as this year and the company is working with Goldman Sachs and Morgan Stanley on an IPO, according to a Bloomberg report from Wednesday night that broke the news.
The IPO news comes after Bloomberg reported in March that Instacart (ICART) slashed its valuation by almost 40% to about $24 billion, a large drop from the $39B valuation the grocery delivery firm was tagged with in a March 2021 fundraising round that included venture capital titans Andreessen Horowitz, Sequoia Capital and hedge fund D1 Capital Partners.
The Instacart IPO comes as the service faces competition from DoorDash (DASH) and Uber (UBER) - not to mention start-up Gopuff and also Whole Foods parent Amazon.com (AMZN).