Instacart late Wednesday announced it has confidentially filed for its long-anticipated initial public offering.
In a brief statement, the grocery-delivery company said it has submitted a draft registration form with the Securities and Exchange Commission, which is expected to become effective after the agency’s review process.
The announcement did not mention a date or any financial targets.
After a record-breaking year for IPOs in 2021, this year has been significantly more subdued, with just 18 deals raising $2.1 billion in first quarter — the slowest pace in six years, according to Renaissance Capital.
San Francisco-based Instacart has been one of the more anticipated potential IPOs for years, and by the end of last year experts were expecting the company to finally go public sometime in the second half of 2022.
In March, the company slashed its estimated valuation by 40%, to $24 billion, down from $39 billion following a funding round in March 2021.