Instacart goes from the supermarket to the stock market, raising $660 million with its IPO

By DEE-ANN DURBIN
AP Business Writer

Instacart is heading from the supermarket to the stock market. The San Francisco-based grocery delivery company raised $660 million in its initial public offering. Instacart will trade on the Nasdaq stock exchange starting Tuesday under the stock symbol “CART.” The company provides delivery and pickup from 85% of U.S. grocers, or more than 80,000 stores, using a network of 600,000 freelance shoppers. It says it has 7.7 million active customers and much more potential growth ahead. But it’s also facing growing competition from delivery companies like DoorDash. The IPO is a long-awaited step for Instacart, which was founded in 2012.