Instacart raises IPO price range to $28 to $30 a share from $26 to $28 previously

Grocery-delivery app Instacart
CART,

raised the proposed price range for its planned initial public offering on Friday to $28 to $30 from $26 to $28 previously. The move was expected after the Wall Street Journal reported it would do so in the wake of Arm Holdings’
ARM,
+0.13%
successful IPO on Thursday , citing people familiar with the matter. Instacart is planning to offer 22 million shares to raise $660 million at the top of that range at a valuation of $8.3 billion. As part of the deal, PepsiCo
PEP,
-0.63%
has agreed to purchase $175 million of Instacart’s Series A redeemable convertible preferred stock.