Instacart’s IPO surges as the grocery delivery company goes from the supermarket to the stock market
Instacart delivered in its stock market debut. The San Francisco-based company’s shares rose 12.3% Tuesday after they started trading on the Nasdaq stock exchange under the ticker symbol “CART.” Instacart 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.