Instacart Cuts Its Valuation for a Third Time to $13 Billion
- The company is waiting out market turmoil before public debut
- The volatility in the stock market has made timing difficult
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Instacart Inc. is slashing its valuation to about $13 billion and steering clear of a highly anticipated public stock listing until market conditions improve, according to people familiar with the matter.
The US’s largest online grocery-delivery company set a new price of $38 a share, marking the third time it has reduced the valuation this year, said the people, who asked not to be identified because the matter is private. Instacart cut its valuation in March by almost 40% to $24 billion and again in July to $15 billion.