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Instacart's market capitalization, including all outstanding shares, totaled $13.9 billion. But even with the stock price pop, the company's valuation remained a far cry from the $39 billion that investors assigned it in the private market in 2021.
Despite a resilient economy and buoyant stocks, listings are still thin on the ground
Arm's planned IPO, which hopes to raise up to $10 billion, is set to be the largest US listing since Rivian fetched over $12 billion in October 2021.
The tech IPO drought is likely over, but don't expect a flood either.
A report from consulting firm Redseer estimated that by FY28, there will be a significant increase in the number of companies that are either listed or ready for an IPO, with a strong emphasis on profitability.