Instacart has taken a major step toward becoming a publicly traded company.
The grocery delivery platform said late Wednesday that it has confidentially filed documents for an initial public offering (IPO) with U.S. securities regulators.
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Instacart is working on the offering with Goldman Sachs and Morgan Stanley, people familiar with the matter told Bloomberg.
According to Bloomberg’s report, the IPO could happen by the end of the year, but talks are continuing, and the timing could move.
Representatives for Instacart, Goldman Sachs and Morgan Stanley didn’t immediately respond to Bloomberg’s requests for comment.
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The company was successful during the pandemic as people stayed home and had orders delivered.
In March, Instacart announced it was cutting its valuation 40% to $24 billion from a previous valuation of $39 billion in March 2021.
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Only two IPOs of more than $500 million have priced this year in the U.S.
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Earlier this month, Bausch + Lomb Corp. priced its IPO at $18 a share, falling short of expectations as it became the first big company in months to try going public into a turbulent stock market. The parent company raised $630 million in the offering. It had been aiming for as much as $840 million, according the Wall Street Journal.
Reuters contributed to this report.