Maplebear Stock Down 19.76% Since IPO

Maplebear CART opened up its shares for public trading for the first time since it filed for IPO in August 2023. The company agreed to initially offer 22.00 million shares to the public at $30.00 per share. On its first day of trading, the stock fell 19.76% from its opening price of $42.0 to its closing price of $33.70.

Maplebear Performance On First Day of Trading

About Maplebear and It's IPO

Instacart (Maplebear Inc.), the North American grocery tech leader, collaborates with 1,400+ retailers to revolutionize shopping, enabling online orders, delivery, and pickup from 80,000+ stores, benefiting millions of customers and around 600,000 flexible Instacart shoppers.

For its IPO, CART agreed to offer 22.00 million shares at a price of $30.00 per share, with an insider lock-up period of 180 days, ending on March 17, 2024.

An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.

Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock's short interest as it moves closer to lockup expiration.

See also: Benzinga's Most Shorted Stocks

This article was generated by Benzinga's automated content engine and reviewed by an editor.