Instacart Delivers 16% Debut Gain After $660 Million IPO (2)

Instacart jumped 16% in its trading debut, showing investors are receptive to the online grocery delivery firm’s pivot to advertising and adding momentum to a rebound for initial public offerings with one of 2023’s biggest listings.

Instacart’s shares opened trading Tuesday at $42 each after selling for $30 — the top of a marketed range — to raise $660 million for the company and selling stockholders in the year’s fourth-biggest US IPO. The shares, which rose as much as 43%, were trading for $34.85 at 3:30 p.m. in New York, giving the company a market value of $9.6 billion.

Instacart’s ...