Instacart has reportedly pulled the plug on its upcoming initial public offering (IPO) amid uncertain market conditions that has left investors concerned, Reuters reported.
The US grocery delivery app had aimed to go public by the end of the year, however is likely to postpone it until further notice, the report claimed.
Currently, tech IPOs are in the middle of the worst drought in nearly 20 years, with US listings raising a little over $7 billion so far this year, data from Dealogic showed.
Traditional IPOs, excluding special purpose acquisition companies (SPAC), had raised a record $154 billion last year.
Instacart hasn’t completely ruled out the option of going public, a source told CNBC, however the original plans to list this year are look “extremely unlikely”.
Instacart declined to comment on its IPO plans when contacted by Reuters.
The firm has struggled to maintain the momentum it gained during the pandemic, cutting staff, slowing hiring and curbing other expenses.
The Information reported last month, adding that the company has fired a few workers from its more than 3,000-strong workforce.
San Francisco-based Instacart was initially targeting a fourth-quarter listing and was planning on revealing its IPO filing in the coming days, the source said.