|
The
report added the sale of mostly employee shares would allow
Instacart's staff, including some of its earliest hires, to cash
in on of some of the shares they have been accumulating and also
help the company retain talent.
Instacart did not immediately respond to a request for comment
from Reuters.
The shares will be sold directly to new investors at an
agreed-upon price ahead of a stock-market debut, according to
the WSJ report.
The report on Instacart's decision comes at a time when market
volatility triggered by Russia's invasion of Ukraine and soaring
global interest rates have forced investors to pull back from
backing IPOs.
Instacart said in May it had confidentially filed with the U.S.
securities regulator to go public, not long after slashing its
valuation by 40% following market turbulences.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Vinay
Dwivedi)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
