Instacart’s IPO surges as the grocery delivery company goes from the supermarket to the stock market

By DEE-ANN DURBIN
AP Business Writer

Instacart’s shares are surging in the grocery delivery company’s stock market debut. The San Francisco-based company’s shares rose about 30% shortly after they started trading on the Nasdaq stock exchange under the ticker symbol “CART.”  The company provides delivery and pickup from 85% of U.S. grocers, or more than 80,000 stores, using a network of 600,000 freelance shoppers. It says it has 7.7 million active customers and much more potential growth ahead. But it’s also facing growing competition from delivery companies like DoorDash. The IPO is a long-awaited step for Instacart, which was founded in 2012.