By Maureen Farrell and Lauren Hirsch
Source: The New York Times
Instacart, the food delivery company, is pulling its plans to go public in 2022, in the latest sign of turmoil in the public markets, three people with knowledge of the situation said.
The company had been one of the few tech firms seeking to go public this year, as investors all but shut their doors to putting their cash in initial public offerings of unprofitable entities. Wall Street, spooked by rising inflation, the war in Ukraine and fears of a recession, has preferred putting cash into safer bets.
Instacart filed papers this year for a so-called confidential filing, which meant it did not yet have to disclose certain data about its business. The filing did not require Instacart to follow through with a public offering, but it was considered a big step toward one. The company had planned to make its financial information public this week, starting the official process, said two of the people with knowledge of the matter, who declined to be identified because the discussions are confidential. But amid market jitters, the plans were halted, they said.