Instacart Jumped 12.33% in Nasdaq Debut but Slid 2.73% in Extended Trading
'We're coming out of the tech IPO desert,' analyst says. The grocery-delivery app Instacart, known officially as Maplebear Inc., debuted on Wall Street with a bang Tuesday, opening 40% above where its initial public offering priced before easing later on -- potentially paving the way for more IPOs after a two-year dry spell.Shares finished the day up 12% from its $30 IPO price, at $33.70. They were down 1.5% after hours.The debut for Instacart follows the successful IPO of chip designer Arm Holdings , and comes ahead of an expected debut from digital-marketing platform Klaviyo Inc. this week. And it comes after the IPO market stalled last year, following concerns about inflation, a wobbly economy and a middling performance from companies that went public in 2021."We're coming out of the tech IPO desert," said Alex Wellins, co-founder of the Blueshirt Group, an IPO advisory and investor relations firm. "We're coming out of the longest drought period for technology IPOs in modern histor