Instacart's Valuation Cut by Over 75%: What Does This Mean for the IPO Market?

Grocery delivery platform Instacart has set a target valuation of up to $9.3 billion for its upcoming IPO, a significant decrease from its previous valuation of $39 billion. The company plans to raise $616 million by offering 22 million shares priced between $26 and $28 each. Instacart has attracted investments from various entities and has partnered with over 1,400 retail banners in the US. The IPO is expected to take place in September, potentially boosting the US IPO market.