Instacart has taken a major step towards becoming a publicly traded company.
The grocery delivery platform said late Wednesday that it has confidentially filed documents for an initial public offering (IPO) with US securities regulators.
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Instacart is working on offering with Goldman Sachs and Morgan Stanley, people familiar with the matter told Bloomberg.
According to Bloomberg’s report, the IPO could happen by the end of the year, but talks are continuing, and the timing could move.
Representatives for Instacart, Goldman Sachs and Morgan Stanley did not immediately respond to Bloomberg’s requests for comment.
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The company was successful during the pandemic as people stayed home and had orders delivered.
In March, Instacart announced it was cutting its valuation 40% to $ 24 billion from a previous valuation of $ 39 billion in March 2021.
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Only two IPOs of more than $ 500 million have priced this year in the US
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Earlier this month, Bausch + Lomb Corp. priced its IPO at $ 18 a share, falling short of expectations as it became the first big company in months to try going public into a turbulent stock market. The parent company raised $ 630 million in the offering. It had been aiming for as much as $ 840 million, according to the Wall Street Journal.
Reuters contributed to this report.