Balanced News: Instacart shares start trading on Nasdaq at $42, valuing grocery delivery company at about $14 billion

Grocery delivery company Instacart saw its shares rise 40% in their Nasdaq debut, opening at $42. The IPO valued the company at around $14 billion, down from a peak valuation of $39 billion during the pandemic. Instacart, which delivers groceries from major chains including Kroger and Costco, had to lower its stock price to attract public market investors. The company has focused on profitability, with revenue increasing 15% in Q2 2022. Only 8% of Instacart’s outstanding shares were floated in the offering, with $420 million in cash raised.