Instacart sets IPO price at $30 a share, valuing the company at about $10 billion

Instacart has priced its initial public offering of stock at $30 a share, raising $660 million for the grocery delivery company. San Francisco-based Instacart sold 22 million shares in the IPO. Trading of the company’s stock is set to begin Tuesday on the Nasdaq stock exchange under the stock symbol “CART.” The price was at the high end of an earlier range estimated by Instacart, reflecting a renewed confidence in tech stocks. The price gives Instacart a market value of around $10 billion. That’s far lower than the $39 billion valuation the company announced in early 2021, as Instacart faces increasing competition.