The initial public offering (IPO) market issued another quiet week last week amid heightened volatility across equity markets. No IPOs are slated for the week ahead, but there are still some exciting IPO-hopefuls expected in the near-term, including grocery delivery platform Instacart.
Instacart confidentially filed for IPO with the U.S. Securities and Exchange Commission (SEC) late last week. The company experienced a major boost in revenue during the coronavirus pandemic as more consumer turned to online grocery orders amid social lockdowns. However, increased inflationary pressures on consumers and easing of social restrictions has impacted the company.
The company recently valued itself at $24 billion to reflect this year's tech self-off, slashing its valuation by nearly 40% from the $39 billion estimate set back in March 2021.
However, Instacart holds an optimistic business outlook. The company is looking to expand its business to include offering a suite of software products for grocery stores. Instacart also plans to open fulfilment centers, called Carrot Warehouses, to help grocers to eventually offer 15-minute delivery.
Here's last week's IPO listings in order of offering amount:
ProFrac Holding Corp. (NASDAQ: PFHC) raised $288 million after pricing shares below its range. The company claims to be the largest privately owned provider of hydraulic fracturing services in North America using hydraulic horsepower. The stock ended the week up 1%.
Hanover Bancorp, Inc. (NASDAQ: HNVR) raised over $26.7 million after pricing its downsized offering at the low end of its range. The New York-based bank primarily serves small and medium-sized customers through eight branches in the New York City metropolitan area. As of December 31, 2031, Hanover has total assets of $1.5 billion, total deposits of $1.2 billion, and total stockholder equity of $129 million. The stock ended the week up 3%.
Actelis Networks, Inc. (NASDAQ: ASNS) raised $15 million after pricing shares at the low end of its range. The company provides hybrid fiber-copper equipment for telecommunications and Internet-of-Things networks. The stock ended the week down 40%.