Late on Wednesday, Grocery delivery app Instacart Inc said, it has confidentially filed for an initial public offering (IPO) with the SEC.
San Francisco-based Instacart has not specified the size of its IPO, nor has it mentioned the price range or details on when the listing is expected to hit the market.
In March, the startup had cut its valuation by nearly 40% to around $24 billion, in an unusual move that showed how market volatility affected high-flying private companies.
As per a report from Bloomberg, a listing could happen as soon as this year. The report also mentioned that Instacart is working with Goldman Sachs and Morgan Stanley on an offering.
Representatives for Instacart, Goldman Sachs and Morgan Stanley did not immediately respond to requests for comments.