Instacart reportedly puts off its long-anticipated IPO
According to press reports Thursday, grocery-delivery business Instacart Inc. is postponing its IPO due to market circumstances.
The New York Times reported Thursday that the San Francisco-based startup has postponed its IPO ambitions for better market circumstances.
The Wall Street Journal corroborated the news Thursday night, citing a note from Instagram CEO Fidji Simo stating an IPO is "very improbable" this year.
U.S. IPOs fell 79% year-over-year, with total proceeds falling 95%.
Due to market volatility, Instacart delayed disclosing financial details this week to start the IPO process, according to the Times.
The Journal said that prospective investors gave the IPO encouraging feedback, but management concluded that the market would not sustain a tech IPO.
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