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Latham & Watkins Advises on Instacart’s IPO

September 19, 2023
Interdisciplinary team represents the underwriters in the offering by one of the leading grocery technology companies in North America.

Maplebear Inc. d/b/a “Instacart,” a leading grocery technology company in North America, has announced the pricing of its initial public offering of 22,000,000 shares of its common stock, 14,100,000 of which are being sold by Instacart and 7,900,000 of which are being sold by certain selling stockholders, at a public offering price of US$30.00 per share. Instacart will not receive any proceeds from any sale of shares by the selling stockholders. In addition, Instacart has granted the underwriters a 30-day option to purchase up to an additional 3,300,000 shares of its common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the Nasdaq Global Select Market on September 19, 2023, under the symbol “CART.” The offering is expected to close on September 21, 2023, subject to customary closing conditions.

Latham & Watkins LLP represents the underwriters in the offering with a corporate team led by partners Ian Schuman, Stelios Saffos, and Brittany Ruiz, with associates Sandy Kugbei, Egzon Sulejmani, and Erin Gilgen. Advice was also provided on tax matters by partner Jiyeon Lee-Lim, with associate Sam Yang; on benefits and compensation matters by partner Maj Vaseghi; on regulatory and stock exchange matters by counsel Gail Neely; on US data privacy matters by partner Jennifer Archie and counsel Robert Brown, with associates Adriana Beach and Lyle Stewart; on UK data privacy matters by partner Fiona Maclean, with associates Jane Bentham and Irina Vasile; and on intellectual property matters by partner Jeffrey Tochner.