Instacart Surges 40% , in Trading Debut.
Instacart opened at $42 share on its first day of trading on Sept.
19, CNN reports.
.
Its IPO was set at $30 a share.
That puts Instacart's market valuation at over $11 billion.
That valuation is significantly less than the $39 billion the company was worth in 2021 amid the pandemic.
As demand restabilized, Instacart's value sank.
Competitors such as Amazon and Walmart have also given the company a run for its money.
Competitors such as Amazon and Walmart have also given the company a run for its money.
But in an SEC filing on Sept.
11, Instacart said it "recently began generating profit.".
The first half of the year saw the company rake in a profit of $242 million, CNN reports.
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During the same time period last year, Instacart posted a $74 million loss.
Last year, Instacart added new features to stay competitive, such as offering faster deliveries for an upcharge
