Meanwhile, shares of Klaviyo, which debuted last Wednesday, dipped 1.6% to $34.11. The marketing automation firm s stock remains above its $30 IPO price, but well below its intraday high of $37 in its first day of trading.
Although Instacart s market value at public listing was only a fraction of its 2021-valuation of $39 billion, it came at a time when there is some resurgence of optimism from tech companies towards the public market. Prior to this, SoftBank-owned British chipmaker Arm made a debut at the bourses on September 14.
Arm has drawn caution from analysts with Bernstein earlier this week initiating coverage with an underperform rating, saying its too soon to declare the company an AI winner while others questioned a now $53.5 billion valuation. For Instacart, Needham flagged concerns about competition when starting coverage with a lukewarm hold rating.