食品雜貨配送公司Instacart首次公開募股募資6.6億美元,其發行價格為其宣傳的發行區間的上限,這是一周內第二次備受關注的上市。
一份聲明顯示,位于美國舊金山的Instacart在9月18日發行了2,200萬股,每股價格30美元。Instacart及其現有股東發行股票的價格為28美元至30美元,芯片設計公司Arm Holdings Plc經過今年最大規模的IPO之后,9月14日首日交易股價上漲25%,之后Instacart提高了區間發行價格。
按照IPO價格,Instacart在完全攤薄基礎上的估值為99億美元。這與2021年該公司融資時390億美元的估值相比大幅縮水,但這依舊是今年規模最大的公司上市之一。當時在新冠疫情封鎖期間,該公司業務繁榮。
自金融危機最嚴重的2009年以來,Instacart和Arm的上市為股權資本市場注入了迫切需要的強心劑。作為一家有風險資本投資的消費者初創公司,其首日交易的成功可能為其他計劃上市的公司打開IPO市場。
Klaviyo與Birkenstock
市場營銷與數據自動化提供商Klaviyo公司(Klaviyo Inc.)在9月19日發行股票,德國鞋類制造商Birkenstock Holding有限公司(Birkenstock Holding Ltd.)也準備上市。
彭博社(Bloomberg)的數據顯示,雖然有Instacart的IPO和Arm的52.3億美元上市,包括所謂的“超額配售股份”,但今年美國股票交易所僅募資約210億美元。數據顯示,雖然這終于接近去年同期的220億美元,但與2021年同期創紀錄的2,500億美元相比,只有不到十分之一。
定價決策
彭博新聞(Bloomberg News)報道稱,Instacart在9月18日的早些時候決定將其股票定價為30美元或更高。Arm考慮的股票定價高于其宣傳的區間,Instacart同樣在最后選擇不超過其宣傳的區間。
Instacart還借鑒Arm的經驗,安排了一些大投資者支持其上市。百事公司(PepsiCo Inc.)認購了Instacart價值1.75億美元的優先可轉換股份。其招股說明書中列出的基礎投資者還包括挪威銀行(Norges Bank)、TCV、紅杉資本(Sequoia)、D1 Capital Partners LP和Valiant Capital Management等,它們共認購了60%的股份。
上市申報文件顯示,Instacart最大的投資者包括紅杉資本和D1 Capital Partners。據PitchBook統計,其他投資者包括老虎環球基金(Tiger Global Management)和Coatue Management。
此次IPO由高盛集團(Goldman Sachs Group Inc.)和摩根大通(JPMorgan Chase & Co.)主導,美國銀行(Bank of America Corp.)、巴克萊(Barclays Plc)和花旗集團(Citigroup Inc.)以及其他15家承銷商也參與了IPO。
Instacart的法人實體為Maplebear公司(Maplebear Inc.)。據一份聲明顯示,Instacart在IPO中發行了1,410萬股,其現有股東出售了790萬股。該公司股票于9月19日在納斯達克全球精選市場(Nasdaq Global Select Market)開始交易,交易代碼為CART。
Instacart創立于2012年,新冠疫情發生之后,其核心業務的增長快速下降,該公司一直在尋找新盈利途徑。
廣告收入增長
Instacart在其上市申報文件中表示,2022年,該平臺上的訂單增長了18%,達到約2.63億筆,但2023年上半年較一年前相對持平。該公司在2022年之所以能夠實現盈利,這部分得益于廣告收入的增長,目前廣告收入占公司總收入的近三分之一。
雖然今年上半年訂單量持平,但總交易價值增長了4%,達到149億美元。Instacart還成功地提高了每筆訂單的利潤。公司凈收入占總交易價值的比例增長,2022年盈利1.5%,而2021年虧損0.3%。
Instacart的首席執行官費姬·西莫是Facebook負責產品業務的元老級人物。她在兩年前接替聯合創始人阿普爾瓦·梅赫塔,并幫助Instacart從食品雜貨配送,擴展為更專注于利用其收集的海量消費者數據開發幕后技術,以幫助食品雜貨店增加銷量。西莫重構了Instacart的商業模式,充實了可向食品雜貨店出售的產品組合,包括分析軟件和訂單履約服務等,提出了15分鐘送達承諾,并推出了廣告平臺。
通過為克羅格(Kroger Co.)和韋格曼(Wegmans)等實體超市提供電商技術,再加上Instacart現有的在線業務,西莫相信,無論人們在家使用應用程序,還是到實體店挑選西紅柿,公司都將持續增長。
該公司還探索了如何開發新收入流,例如為幼兒園和企業辦公室等中小規模商戶提供和儲備食物,以及在醫療行業通過醫院、醫療提供商和保險公司提供送餐和營養項目等。
Instacart的申報文件顯示,雖然Instacart在超過75美元的大額訂單市場依舊占據大量份額,但DoorDash公司在75美元以下的訂單市場正在搶占市場份額。DoorDash在2020年上市,市值約為310億美元。Instacart的競爭對手還有Uber Eats和亞馬遜(Amazon.com Inc.)的食品雜貨配送服務[包括全食超市(Whole Foods)],以及沃爾瑪(Walmart Inc.)日益強大的電商業務。(財富中文網)
譯者:劉進龍
審校:汪皓
食品雜貨配送公司Instacart首次公開募股募資6.6億美元,其發行價格為其宣傳的發行區間的上限,這是一周內第二次備受關注的上市。
一份聲明顯示,位于美國舊金山的Instacart在9月18日發行了2,200萬股,每股價格30美元。Instacart及其現有股東發行股票的價格為28美元至30美元,芯片設計公司Arm Holdings Plc經過今年最大規模的IPO之后,9月14日首日交易股價上漲25%,之后Instacart提高了區間發行價格。
按照IPO價格,Instacart在完全攤薄基礎上的估值為99億美元。這與2021年該公司融資時390億美元的估值相比大幅縮水,但這依舊是今年規模最大的公司上市之一。當時在新冠疫情封鎖期間,該公司業務繁榮。
自金融危機最嚴重的2009年以來,Instacart和Arm的上市為股權資本市場注入了迫切需要的強心劑。作為一家有風險資本投資的消費者初創公司,其首日交易的成功可能為其他計劃上市的公司打開IPO市場。
Klaviyo與Birkenstock
市場營銷與數據自動化提供商Klaviyo公司(Klaviyo Inc.)在9月19日發行股票,德國鞋類制造商Birkenstock Holding有限公司(Birkenstock Holding Ltd.)也準備上市。
彭博社(Bloomberg)的數據顯示,雖然有Instacart的IPO和Arm的52.3億美元上市,包括所謂的“超額配售股份”,但今年美國股票交易所僅募資約210億美元。數據顯示,雖然這終于接近去年同期的220億美元,但與2021年同期創紀錄的2,500億美元相比,只有不到十分之一。
定價決策
彭博新聞(Bloomberg News)報道稱,Instacart在9月18日的早些時候決定將其股票定價為30美元或更高。Arm考慮的股票定價高于其宣傳的區間,Instacart同樣在最后選擇不超過其宣傳的區間。
Instacart還借鑒Arm的經驗,安排了一些大投資者支持其上市。百事公司(PepsiCo Inc.)認購了Instacart價值1.75億美元的優先可轉換股份。其招股說明書中列出的基礎投資者還包括挪威銀行(Norges Bank)、TCV、紅杉資本(Sequoia)、D1 Capital Partners LP和Valiant Capital Management等,它們共認購了60%的股份。
上市申報文件顯示,Instacart最大的投資者包括紅杉資本和D1 Capital Partners。據PitchBook統計,其他投資者包括老虎環球基金(Tiger Global Management)和Coatue Management。
此次IPO由高盛集團(Goldman Sachs Group Inc.)和摩根大通(JPMorgan Chase & Co.)主導,美國銀行(Bank of America Corp.)、巴克萊(Barclays Plc)和花旗集團(Citigroup Inc.)以及其他15家承銷商也參與了IPO。
Instacart的法人實體為Maplebear公司(Maplebear Inc.)。據一份聲明顯示,Instacart在IPO中發行了1,410萬股,其現有股東出售了790萬股。該公司股票于9月19日在納斯達克全球精選市場(Nasdaq Global Select Market)開始交易,交易代碼為CART。
Instacart創立于2012年,新冠疫情發生之后,其核心業務的增長快速下降,該公司一直在尋找新盈利途徑。
廣告收入增長
Instacart在其上市申報文件中表示,2022年,該平臺上的訂單增長了18%,達到約2.63億筆,但2023年上半年較一年前相對持平。該公司在2022年之所以能夠實現盈利,這部分得益于廣告收入的增長,目前廣告收入占公司總收入的近三分之一。
雖然今年上半年訂單量持平,但總交易價值增長了4%,達到149億美元。Instacart還成功地提高了每筆訂單的利潤。公司凈收入占總交易價值的比例增長,2022年盈利1.5%,而2021年虧損0.3%。
Instacart的首席執行官費姬·西莫是Facebook負責產品業務的元老級人物。她在兩年前接替聯合創始人阿普爾瓦·梅赫塔,并幫助Instacart從食品雜貨配送,擴展為更專注于利用其收集的海量消費者數據開發幕后技術,以幫助食品雜貨店增加銷量。西莫重構了Instacart的商業模式,充實了可向食品雜貨店出售的產品組合,包括分析軟件和訂單履約服務等,提出了15分鐘送達承諾,并推出了廣告平臺。
通過為克羅格(Kroger Co.)和韋格曼(Wegmans)等實體超市提供電商技術,再加上Instacart現有的在線業務,西莫相信,無論人們在家使用應用程序,還是到實體店挑選西紅柿,公司都將持續增長。
該公司還探索了如何開發新收入流,例如為幼兒園和企業辦公室等中小規模商戶提供和儲備食物,以及在醫療行業通過醫院、醫療提供商和保險公司提供送餐和營養項目等。
Instacart的申報文件顯示,雖然Instacart在超過75美元的大額訂單市場依舊占據大量份額,但DoorDash公司在75美元以下的訂單市場正在搶占市場份額。DoorDash在2020年上市,市值約為310億美元。Instacart的競爭對手還有Uber Eats和亞馬遜(Amazon.com Inc.)的食品雜貨配送服務[包括全食超市(Whole Foods)],以及沃爾瑪(Walmart Inc.)日益強大的電商業務。(財富中文網)
譯者:劉進龍
審校:汪皓
Grocery delivery business Instacart priced its initial public offering at the top of a marketed range to raise $660 million in the second marquee listing in a week.
The San Francisco-based company sold 22 million shares for $30 each on September 18, according to a statement. Instacart and current shareholders had offered the shares for $28 to $30, a range that was elevated after chip designer Arm Holdings Plc rose 25% in its trading debut on September 14 after the year’s biggest IPO.
At the IPO price, Instacart has a fully diluted valuation of $9.9 billion. That’s a steep plunge from its $39 billion valuation in a 2021 funding round when its business boomed amid pandemic lockdowns, but still ranks it as one of the biggest companies to go public this year.
Instacart’s listing combined with Arm’s is also giving equity capital markets much-needed relief after the longest drought since 2009 in the depths of the financial crisis. As a venture-backed consumer startup, success in its trading debut could pry open the IPO market for other companies looking to go public.
Klaviyo, Birkenstock
Marketing and data automation provider Klaviyo Inc. sell its shares on September 19, with German footwear maker Birkenstock Holding Ltd. also preparing to list.
Even with Instacart’s IPO and Arm’s $5.23 billion listing, which now includes so-called greenshoe shares, only about $21 billion has been raised this year on US exchanges, according to data compiled by Bloomberg. That’s finally catching up with the $22 billion at this point last year but still less than a 10th of the $250 billion total for the period in a record-setting 2021, the data show.
Pricing Decision
Instacart decided earlier September 18 to price its shares at $30 or more, Bloomberg News reported. Like Arm, which also considered pricing its shares above the marketed range, Instacart chose in the end not to exceed the offered terms.
Taking another cue from Arm, Instacart had also lined up big investors to support its listing. PepsiCo Inc. is buying $175 million of Instacart’s preferred convertible stock. It has also enlisted Norway’s Norges Bank, TCV, Sequoia, D1 Capital Partners LP and Valiant Capital Management as cornerstone investors that could take up to 60% of the shares, according to its prospectus.
Instacart’s largest investors include Sequoia Capital and D1 Capital Partners, according to the filing. Other investors have included Tiger Global Management and Coatue Management, according to PitchBook.
The IPO is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., with Bank of America Corp., Barclays Plc and Citigroup Inc. also participating along with 15 other underwriters.
Instacart, which is incorporated as Maplebear Inc., sold 14.1 million shares in the IPO, with existing stockholders selling 7.9 million, according to the statement. The company’s shares began trading on September 19 on the Nasdaq Global Select Market under the symbol CART.
Founded in 2012, Instacart has faced a rapid slowdown in the growth of its core business in the wake of the pandemic and has been searching for new ways to make money.
Advertising Boost
Orders on its platform rose 18% to almost 263 million in 2022 but were virtually flat in the first half of 2023 compared with a year earlier, Instacart said in its filings. The company was able to become profitable in 2022, thanks in part to a boost in revenue from advertising, which now accounts for nearly a third of the company’s total revenue.
Despite a flattening of orders, gross transaction value increased 4% to $14.9 billion for first half of the year. Instacart is also managing to keep more profits from each order. Net income grew as a percentage of gross transaction value, with a profit of 1.5% in 2022 replacing a loss of 0.3% in 2021.
Instacart Chief Executive Officer Fidji Simo, a Facebook product veteran, took over from co-founder Apoorva Mehta two years ago and has helped Instacart move beyond grocery delivery to focus more on behind-the-scenes technology, taking advantage of the voluminous amount of consumer data it collects to help grocery stores sell more. Simo has reconfigured Instacart’s business model and fleshed out the company’s portfolio of products that it can sell to grocers, from analytics software to fulfillment services, promises of 15-minute delivery and advertising platforms.
By outfitting brick-and-mortar supermarkets like Kroger Co. and Wegmans with e-commerce tech, coupled with Instacart’s existing footprint online, Simo is betting the company will grow whether people are perusing the app at home or hand-picking tomatoes in the store.
The company has also explored tapping new income streams such as catering and stocking food for small- and midsize businesses like preschools and corporate offices, as well as a health-care focus to deliver food and nutritional programs through hospitals, medical providers and insurers.
While Instacart still commands the lion’s share of the market for large orders, over $75, DoorDash Inc. has been making significant market share gains on orders under $75, Instacart’s filings show. DoorDash, which went public in 2020, has a market value about $31 billion. Instacart also competes with Uber Eats and Amazon.com Inc.’s grocery delivery service that includes Whole Foods, and Walmart Inc.’s growing e-commerce capabilities.