Grocery delivery app Instacart Inc said late Wednesday it has confidentially filed for an initial public offering (IPO) with U.S. securities regulators.
The San Francisco-based startup did not specify its IPO size, price range nor details on when the listing is expected to hit the market.
The company, a pandemic darling as doorstep delivery boomed, had cut its valuation by nearly 40 per cent to about $24-billion in March, in an unusual move that showed how market volatility affected high-flying private companies.
Reuters had reported last year that the delivery platform is considering going public through a direct listing, concerned that it could leave money on the table through a traditional IPO.
A listing could happen as soon as this year though the timing could slip, according to a Bloomberg report on Wednesday, adding that the company could still remain private.
Instacart is working with Goldman Sachs and Morgan Stanley on an offering, the report added, citing people familiar with the matter.
Representatives for Instacart, Goldman Sachs and Morgan Stanley did not immediately respond to Reuters requests for a comment.
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