Instacart bumps up its IPO per-share price to $28 to $30

San Francisco-based delivery service Instacart revised its registration statement with the Securities and Exchange Commission for its initial public offering Friday, raising its initial public offering share price to $28 to $30.

The update comes less than a week after the company proposed to sell 22 million shares of common stock—14.1 million shares from Instacart and 7.9 million offered by selling stockholders—priced between $26 and $28.  

Instacart now said it seeks to raise up to $660 million via its IPO, up from the $616 million in its initial proposal. 

Analysts speculated Friday that Instacart's move may have been influenced by the recent successful IPO of British chip design firm Arm Holdings, whose shares were priced at the upper end of its range, potentially paving a path for future tech friendliness on Wall Street. 

Instacart's updated filing also includes changes to the number of shares being made available, adding up to 3.3 million to the original number. 

An Instacart spokesperson declined to comment on the update and would not comment on when the company intends to go public. The New York Times, however, reported Thursday that Instacart plans to complete its IPO next week. 

The updated share price also increases the company's valuation to $9.3 billion to $9.9 billion, according to Instacart. On Sunday, the Wall Street Journal put that valuation at $8.6 billion to $9.3 billion under the original filing. That is a fraction of Instacart's estimated $39 billion valuation early in the pandemic.  

The delivery company already has large backers in its corner with PepsiCo. committing to purchase $175 million of the company’s Series A preferred stock. The IPO prospectus also reveals that Norges Bank Investment Management, a division of Norges Bank, has indicated an interest in purchasing stock from the company.  

Instacart also noted that, along with Norges, entities affiliated with TCV, Sequoia Capital, D1 Capital Partners, L.P. and Valiant Capital Management have also expressed interest in purchasing up to $400 million in shares during the IPO.