Instacart set to raise IPO target price after Arm's successful debut

Grocery-delivery company Instacart is preparing to raise the target price for its initial public offering following the successful debut of SoftBank-owned Arm, The Wall Street Journal reported on Friday.

Instacart is now expected to sell shares for $28 to $30 apiece, the Journal said, adding that the company plans to disclose the target price in an amended filing as early as Friday.

Earlier this week, Instacart had said it was aiming to raise up to $616 million by offering 22 million shares priced between $26 and $28 each, targeting a valuation of up to $9.3 billion.

Instacart did not immediately respond to Reuters' request for comment.