Instacart is reportedly seeking a valuation of less than $10 billion at IPO

The Wall Street Journal reported on Sunday that Instacart is looking to achieve a valuation of under $10 billion in its upcoming initial public offering, far less than the nearly $40 billion it was valued at a few years ago.

According to the newspaper, Instacart is seeking a valuation of roughly $8.6 billion to $9.3 billion and is expected to begin offering its shares to investors as early as Monday. The report said the target value could still change before the IPO launches later this month.

Instacart was valued at $39 billion during its 2021 fundraising round. After lowering its internal valuation several times, Instacart raised its valuation by 18% earlier this year to about $12 billion, The Information reported in August.

The San Francisco-based grocery delivery company is expected to trade on the Nasdaq under the symbol CART. Goldman Sachs and JPMorgan Chase will act as lead book-running managers.

The Financial Times, meanwhile, reported Friday that the IPO of Arm Holdings Ltd. is more than five times oversubscribed, and some bankers are said to be concerned about possible red flags because of the size of the listing and the large number of banks involved. The SoftBank-owned chipmaker plans to go public this week with a share price in the range of $47 to $51 at a valuation of about $50 billion. Reuters reported on Sunday that Arm will aim for a price at or above the top end of the range.

The two long-awaited offerings are expected to provide a much-needed boost to the IPO market, which is slowly heating up after being in a deep downturn since last year.

Temasek's Advanced MedTech chooses Singapore IPO over US one, sources say

Advanced MedTech Holdings Pte, a medical device maker backed by Singapore's state-owned investment company Temasek Holdings Pte, has decided to list in Singapore instead of the U.S., according to people familiar with the situation.

The company has tapped Goldman Sachs Group Inc, Morgan Stanley and Oversea-Chinese Banking Corp to work on its planned initial public offering, which could raise about $200 million to $300 million, these people said. They said the city-state listing could happen as early as later this year and that the company's value could be around $1 billion.

The Singapore-based medical-device maker was considering a U.S. listing earlier this year after a planned sale by Temasek fell through, Bloomberg News reported in March.

Negotiations are ongoing and details of the initial share sale are subject to change, said the people, who asked not to be named because the process is private. Representatives for Advanced MedTech, Goldman Sachs, Morgan Stanley, OCBC and Temasek declined to comment.

Advanced MedTech's listing would help revive Singapore's dormant IPO market, which is on track for its worst performance since at least 2011. Only three new listings have taken place on the exchange this year, raising a total of $18.6 million, according to data compiled by Bloomberg. That's down from $348 million in the same period last year.

According to its website, Advanced MedTech manufactures medical equipment with a focus on urological devices and contract manufacturing services. Its products are available to patients in more than 100 countries.

The company has made strategic investments, including buying a majority stake in Shenzhen Wikkon Precision Instruments Co, a Chinese manufacturer of urological and shock wave therapy devices, last year for an undisclosed amount. In 2021, Advanced MedTech led a $3 million Series A funding round for Devicare, a Barcelona-based startup that develops urological treatments that combine nutritional therapy with digital monitoring.