Grocery delivery app Instacart is likely to postpone its plans to go public in 2022 amid market uncertainty that has left investors worried about growing volatility in capital markets, two sources familiar with the plan told Reuters.
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The tech IPO market globally is in the middle of its worst drought in nearly two decades. US listings have raised a little over US$7 billion so far this year, according to data from Dealogic. Traditional IPOs, excluding special purpose acquisition companies, had raised a record US$154 billion last year.
Instacart has not completely ruled out the option to go public, a source said, but added that the plans to list the company in 2022 look extremely unlikely.
Instacart declined to comment on its IPO plans when contacted by Reuters.
The pandemic darling has been letting go 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.
The San Francisco-based food delivery company, who was targeting a fourth-quarter listing, had planned to reveal their IPO filing in the coming days, the source said, but the plans are now halted amid market turbulence.
This comes at a time when capital market investors are shunning initial public offerings and equity markets are bleeding in anticipation of further aggressive US interest rate hikes to tame inflation.