Maplebear -- which does business under the name of Instacart -- filed for its initial public offering (IPO) on Friday, with expectations that shares will start trading on the Nasdaq next month under the ticker CART.
The San Francisco-based technology and delivery company reported in documents filed ahead of the company's long-awaited IPO that revenue rose during the first six months of this year. The company reported $242 million in profits for the first six months of 2023, and $428 million in 2022 -- much of it driven by "large basket" orders of at least $75. Instacart says its average basket size in 2022 was $110.
Instacart helps its retail partners reach 7.7 million monthly active orders through services such as Instacart Marketplace, Instacart Enterprise Program and Instacart Ads, the company said.
The company also said it also entered into an agreement that would allow PepsiCo to buy $175 million of Series A redeemable convertible preferred stock in a private placement.