The Wall Street Journal reported that the sale of mostly employee shares would allow Instacart’s staff to cash in on of some of the shares they have been accumulating and also help the company retain talent
Grocery delivery app Instacart Inc does not seek to raise much capital in its U.S. initial public offering and instead plans to focus on the sale of employees’ shares, the Wall Street Journal reported on Monday, citing sources familiar with the matter.
The report added the sale of mostly employee shares would allow Instacart’s staff, including some of its earliest hires, to cash in on of some of the shares they have been accumulating and also help the company retain talent.The shares will be sold directly to new investors at an agreed-upon price ahead of a stock-market debut, according to the WSJ report.
The report on Instacart’s decision comes at a time when market volatility triggered by Russia’s invasion of Ukraine and soaring global interest rates have forced investors to pull back from backing IPOs. Instacart said in May it had confidentially filed with the U.S. securities regulator to go public, not long after slashing its valuation by 40 per cent following market turbulences.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asian shares slip following broad decline on Wall StreetAsian shares fell Monday after another week of sizable losses on Wall Street, as investors braced for another interest rate hike by the U.S. Federal Reserve.
Read more »
Residents relieved, eviction notices rescinded at Summerside, P.E.I.'s Causeway Bay Hotel | SaltWireSUMMERSIDE, P.E.I. — Residents of Summerside’s Causeway Bay Hotel who were facing eviction have won a reprieve, at least temporarily. Robert Wall, a ...
Read more »
Volkswagen targets 70-75-billion euro valuation in planned Porsche IPOThe valuation translates into a pricing range of 76.50 euros to 82.50 euros apiece for the preferred shares of Porsche that are to be sold as part of the listing
Read more »
Mississauga transit employee dead after workplace accident: mayorA MiWay maintenance employee died on the job in Mississauga Saturday morning, according to city officials.
Read more »