Instacart closes 12% higher after Nasdaq debut

Online grocery delivery service Instacart debuted on the Nasdaq Tuesday, closing 12% higher in its highly anticipated initial public offering.

Shares closed at $33.70 after reaching a $42 peak earlier in the day.

Tuesday’s close puts Instacart’s valuation at $11 billion.

This marked the first venture-backed company to go public in the United States since December 2021.