all right we've got some company news here grocery delivery app instacart filing to go public the latest sign the IPO Market is starting to thaw Yahoo finance's Brooke DePalma is here with the details Brooke good afternoon Diane I mean this is pretty exciting the ideal Market seems to be making a comeback here instacart the latest company to file its plans to go public on the NASDAQ under the symbol c-a-r-t cart taking closer look at the numbers the company began generating profit at the end of 2022 after uh 2022 is right after being unprofitable in 2020 and 2021 the company said that was driven by Diversified revenue streams including growth in their ad business today the company has more than 5 500 Brands using instacart ads that includes up and coming names like the Prebiotic soda poppy as well as Jennifer Garner's business Once Upon A Farm both highlighted in the S1 filing another interesting part of the S1 filing here is that PepsiCo plans to buy 175 million dollars in convertible preferred stock the company however did not disclose the total price and size of the IPO but we do know that back in 2022 instacart did in fact cut its valuation three times a reported 13 billion dollars now the CEO said that they're focused on the long-term Vision to power the future of grocery through technology and when you technology that is and when you think about the scope of instacart it is the biggest U.S online grocery delivery company they have 7.7 million monthly active orders who spend approximately 317 dollars a month on average they also have more than 1400 National regional and local retailers that use um instacart in addition to that this this company really came you know to Consumers and Wall Street and Main Street's mind during the pandemic when momentum certainly picked up we saw gross transactions jumped 300 percent between 2019 and 2020 but it's now getting more steady from 2020 to 2021 gross transaction value jumped 20 percent that then decreased the following year but something worth noting here is that while orders increase in 2021 and 2022 they did remain consistent from both 2022 to 2023 and so that consistency uh is interesting there if there's such a large ramp up during the pandemic but some of its in-store Partners they highlighted Regional retailers like Publix and Wegmans they did say that what they see with users on instacart is that they are ordering more than in store and so lots more to come on instacart potentially going public or filing to go public that is as it makes its public debut and we'll be watching all of it all right Brooke De Palma the latest in the instacart and the IPO crates well not crazy yet but coming back out of the woods what we saw with Cava I mean they were valued at 4.8 billion dollars so this really could be the rumbling of a comeback in the market that's right there we go Brook De Palma
