Grocery delivery service Instacart files paperwork for IPO

Grocery delivery company Instacart said Friday that it has filed paperwork with the Securities and Exchange Commission to initiate the process of making an Initial Public Offering. The company will be listed under "CART" on the Nasdaq. File Photo by John Angelillo/UPI

Aug. 25 (UPI) -- Instacart announced Friday that it has initiated the process of making an initial public offering for its common stock.

The grocery delivery and technology service said it has filed an S-1 Form with the Securities and Exchange Commission.

Though the details of Instacart's IPO have not been established, the company has announced it will work with a number of financial companies.

"Goldman Sachs & Co. LLC and J.P. Morgan will act as lead book-running managers for the proposed offering. BofA Securities, Barclays, and Citigroup will act as additional book-running managers, Baird JMP Securities, A Citizens Company, LionTree, Oppenheimer & Co., Piper Sandler, SoFi, Stifel, Blaylock, Van, LLC, Drexel Hamilton, Loop Capital Markets, R, Seelaus & Co., LLC, Ramirez & Co., Inc., Stern, and Tigress Financial Partners will act as co-managers of the proposed offering," Instacart said in a press release Friday.

The company will be listed under the symbol "CART" on the Nasdaq Global Select Market.

Last year, Instacart cut its valuation from $39 billion to $24 billion, and in the past quarter the company says its revenue reached $716 million.

The company said the stock's price range and number of shares has not yet been determined.