Instacart stock opens with bang, as first trade is 40% above the IPO price

Maplebear Inc., which is doing business as Instacart
CART,
+31.70%,
debuted on Wall Street with a bang Tuesday, as the grocery-delivery app’s stock opened 40% above where its initial public offering priced. The company said late Monday that its IPO of 22 million shares priced at $30 a share, which was at the top of the expected range. The first trade was at $42.00 at 12:49 p.m. Eastern for 2.59 million shares. At that price, the company would be valued at $14.2 billion, based on 338.8 million as-converted, fully diluted shares outstanding after the IPO. The stock has eased slightly since the open, and was last up 38.9%. The company went public at a time that investor interest in IPOs has waned of late, relative to interest in the broader stock market, as the Renaissance IPO ETF
IPO,
-1.80%
has lost 1.4% over the past three months while the S&P 500
SPX,
-0.52%
has edged up 0.2%.