Maplebear Inc (dba Instacart) (CART)

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Instacart's Stock Ends Below IPO Price for First Time
By Reuters-Sept. 26, 2023, at 4:23 p.m.
US NEWS



FILE PHOTO: Instacart employee Eric Cohn, 34, navigates a Safeway grocery store while preparing a delivery order while wearing a respirator mask to help protect himself and slow the spread of the coronavirus disease (COVID-19) in Tucson, Arizona, U.S., April 4, 2020. REUTERS/Cheney Orr/File Photo REUTERS



(Reuters) -Grocery delivery platform Instacart's stock on Tuesday closed for the first time below the price in its initial public offering.

Shares of Instacart, formally called Maplebear, dropped 1.65% to end the session at $29.89, compared to the company's IPO price of $30 on Sept. 18.

Chip designer Arm Holdings' stock dipped 1.69% to $53.52 compared to the $51 price set in its IPO on Sept. 13. After surging in its Wall Street debut, Arm's stock has mostly lost ground, and it has touched intra-day lows below $51 in three of the past four sessions.

Meanwhile, shares of Klaviyo, which debuted last Wednesday, dipped 1.6% to $34.11. The marketing automation firm's stock remains above its $30 IPO price, but well below its intraday high of $37 in its first day of trading.

The lackluster performances of Arm and Instacart's stocks since their market debuts add to doubts about whether a hoped-for revival in IPOs will materialize after a drought of more than 18 months.

(Reporting by Noel Randewich in Oakland, Calif., and by Niket Nishant in Bengaluru; Editing by Shweta Agarwal and Aurora Ellis)



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