What Does Instacart’s Reportedly Delayed IPO Teach Us How Unicorns Think?

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Instacart has left us IPO nerds feeling whiplash. Late last week, Reuters reported that the US grocery delivery and technology company could probably postpone its IPO until next year. The richly valued startup was on course to become the year’s most spectacular public offering in the United States, but now it appears we won’t see the welcoming implications of an IPO for at least a few more months.

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Instacart going public is notable not only because of its own corporate history. The company raised huge sums, grew significantly during the pandemic and is in the midst of expanding into advertising and software. The IPO was set to be an important affair for the other, yet private unicorn, as it provided some indication of how the public market felt about at least one of its peers.

Sadly, we are missing out on new Unicorn liquidity information for the rest of calendar 2022. While disappointing, this turn of events teaches us a few things. (Instacart declined to comment on the timing of its IPO, but did reveal some juicy information on its Q3 performance — details below.)

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Remember that Instacart received a new, low 409a (internal) rating earlier this month. That’s why we see the company delaying its IPO, despite what we might consider a lower hurdle ahead of it — in terms of pricing, at least.



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