Grocery delivery service Instacart files paperwork for IPO

Aug. 25 (UPI) -- Instacart announced Friday that it has initiated the process of making an initial public offering for its common stock.

The grocery delivery and technology service said it has filed an S-1 Form with the Securities and Exchange Commission.

Though the details of Instacart's IPO have not been established, the company has announced it will work with a number of financial companies.

"Goldman Sachs & Co. LLC and J.P. Morgan will act as lead book-running managers for the proposed offering. BofA Securities, Barclays, and Citigroup will act as additional book-running managers, Baird JMP Securities, A Citizens Company, LionTree, Oppenheimer & Co., Piper Sandler, SoFi, Stifel, Blaylock, Van, LLC, Drexel Hamilton, Loop Capital Markets, R, Seelaus & Co., LLC, Ramirez & Co., Inc., Stern, and Tigress Financial Partners will act as co-managers of the proposed offering," Instacart said in a press release Friday.

The company will be listed under the symbol "CART" on the Nasdaq Global Select Market.

Last year, Instacart cut its valuation from $39 billion to $24 billion, and in the past quarter the company says its revenue reached $716 million.

The company said the stock's price range and number of shares has not yet been determined.