Instacart begins trading. Opens at $42. IPO price $30.

<p>Instacart is open for trading (CART).Instacart delivers groceries from chains like Kroger, Costco, and Wegmans. </p><p>The IPO price was set at $30 a share. The official opening price on the NASDAQ index came in at $42 a share. That is a 40% increase from the IPO price. The market capitalization is up around $14B.</p><p>Some IP facts:</p><ul><li>22 million shares were sold in the IPO: 14.1 million from Instacart and 7.9 million from existing shareholders.</li><li>In early 2021, Instacart had a valuation of $39 billion, raising money at $125 a share.</li><li>Instacart's business model shifted to prioritize profitability over growth.</li><li>Q2 revenue was $716 million, a 15% increase, with a net income of $114 million.</li><li>Instacart's valuation is about 3.5 times its annual revenue.</li><li>Sequoia Capital is the largest investor in Instacart with a 15% stake.</li><li>Instacart co-founder Apoorva Mehta has shares worth over $800 million and is selling a portion in the IPO.</li><li>Fidji Simo, ex-Facebook executive, succeeded Mehta as CEO in 2021 and will become the chair after the IPO.</li><li>Only 8% of Instacart's shares were floated in the offering, with 36% of those sold by existing shareholders.</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.