Bullish on the Instacart IPO? Buy This Retail Stock
The long lull in the IPO market is finally over.
Shares of chipmaker Arm Holdings soared last week in their debut, and grocery maven Instacart (NASDAQ: CART) followed with a warm welcome this week as it went public.
The grocery delivery specialist surged out of the gate, opening up 40% from its $30 IPO price at $42 per share. After peaking with a 43% gain in the session, it steadily declined over but still finished the day up 12.3%, showing ample investor demand for the stock. Instacart closed its opening day at $33.70 per share, giving it a market cap of $11.2 billion.
Source Fool.com