Sept 19 Reuters Instacart was set to be valued at about 13 billion in its Nasdaq debut on Tuesday, as the grocery delivery app39;s stock was indicated to open 30 higher from its initial public offering price.

The San Franciscobased company39;s IPO was priced at the top end of its 28 to 30 price range, raising a total of 660 million in proceeds, out of which 237 million will go to investors who sold their shares in the offering.

The IPO gave Instacart a valuation of nearly 9.9 billion, a fraction of the 39 billion it was worth in 2021, the company39;s last funding round.

Instacart39;s strong debut, along with that of chip designer Arm and RayzeBio last week, could encourage other startups to test the waters and potentially revive the IPO market after a near 18month dry spell.

Instacart is debuting almost three years after kicking off preparations for going public and several startups have had to take a cut to their valuations since 2022 as inflation, geopolitical tensions and the Federal Reserve39;s rapid rate hikes soured the economic climate.

The company39;s long slog to Nasdaq featured some key moments.

In 2021, its cofounder Apoorva Mehta stepped down after seven years at the helm and named Fidji Simo, the former head of Meta39;s Facebook app, its CEO.

Its core business also turned profitable in 2022, and the trend has continued in the first six months of 2023, the company disclosed in its regulatory filing last month.

Goldman Sachs and J.P. Morgan are the lead…