Instacart reportedly puts off its long-anticipated IPO

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According to press reports Thursday, grocery-delivery business Instacart Inc. is postponing its IPO due to market circumstances.

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The New York Times reported Thursday that the San Francisco-based startup has postponed its IPO ambitions for better market circumstances.

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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.

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U.S. IPOs fell 79% year-over-year, with total proceeds falling 95%.

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Due to market volatility, Instacart delayed disclosing financial details this week to start the IPO process, according to the Times.

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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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