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.
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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.