Instacart just filed for its IPO and revealed a plan to sell $175 million in stock to PepsiCo

• Instacart took another step toward an IPO Friday by filing a prospectus with the SEC.
• The company outlined its business as well as a plan to sell $175 million in shares to PepsiCo.

Instacart is one step closer to going public.

The grocery delivery service filed a prospectus, a detailed document that outlines Instacart's business and IPO ambitions, on Friday afternoon. Instacart's stock will trade on the NASDAQ Global exchange under the ticker "CART."

The company has reportedly considered going public multiple times in the last few years, including after a run-up in demand for grocery delivery in early 2020 as a result of the pandemic.

Instacart will also sell $175 million in Series A preferred stock to beverage giant PepsiCo as part of a private placement, according to the document.

The company said it works with 1,400 retail, convenience store, and grocery brands including Publix, Costco, Aldi, CVS, Michael's, Walgreens, Walmart, and 7-Eleven. Instacart said its average order value was $110 in 2022

In total, Instacart works with 80,000 stores. Its main competitor DoorDash, which entered the grocery delivery space in 2020, works with more than 100,000 non-restaurant stores.

As of June 30, 2023, it has 5.1 million Instacart + members. By comparison, DoorDash's membership program, dubbed DashPass, had over 15 million subscribers by the end of 2022.