Maplebear Inc., which is doing business as Instacart CART, 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 has lost 1.4% over the past three months while the S&P 500 SPX has edged up 0.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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