Cooley Advises Instacart on $660 Million IPO

Palo Alto – September 19, 2023 – Cooley represented Instacart, the leading grocery technology company in North America, on its $660 million initial public offering. Partners Jon Avina, Rachel Proffitt, Jonie Kondracki and Milson Yu led the Cooley team advising Instacart.

Instacart offered 22,000,000 shares of common stock – 14,100,000 of which were sold by Instacart and 7,900,000 of which were sold by certain selling stockholders – at a public offering price of $30 per share. Instacart has granted the underwriters a 30-day option to purchase up to an additional 3,300,000 shares of common stock from Instacart at the initial public offering price, less underwriting discounts and commissions. The shares began trading on the Nasdaq Global Select Market on September 19, 2023, under the ticker symbol CART.

Goldman Sachs & Co. and J.P. Morgan acted as lead book-running managers for the offering. BofA Securities, Barclays and Citigroup acted as additional book-running managers, and Baird, JMP Securities (a Citizens company), LionTree, Oppenheimer & Co., Piper Sandler, SoFi, Stifel, Wedbush Securities, Blaylock Van, Drexel Hamilton, Loop Capital Markets, R. Seelaus & Co., Ramirez & Co., Stern, and Tigress Financial Partners acted as co-managers for the offering.

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