Instacart saw its shares jump 43% on its first day of trading on the Nasdaq stock exchange. The price rose from its opening of $30 per share to close at $34.23, valuing the company at around $11 billion, lower than Instacart's valuation from private investors last year. Instacart's core business involves sending couriers to grocery stores to pick up orders and deliver them to customers' homes. Still, it has expanded into advertising and artificial intelligence technologies in recent years. Co-founder Apoorva Mehta saw his 10% stake increase to around $1.3 billion following the IPO.
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00:00 It's Benzinga and here's what's on the block.
00:03 Instacart saw its shares drop 43% on its first day of trading on the Nasdaq Stock Exchange.
00:07 The price rose from its opening of $30 a share to close at $34.23, valuing the company at
00:12 around $11 billion, lower than Instacart's valuation from private investors last year.
00:18 Instacart's core business involves sending couriers to grocery stores to pick up orders
00:21 and deliver them to customers' homes, but it's expanded into advertising and artificial
00:25 intelligence technologies in recent years.
00:28 Co-founder Apoorva Mehta saw his 10% stake increase in value to around $1.3 billion following
00:33 the idea.
00:34 For all things money, visit Benzinga.com.
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