Instacart on Monday set a target of up to $9.3 billion in valuation on fully diluted basis in its hotly anticipated U.S. initial public offering, much cheaper than the price tag it had fetched in its last funding round. The company, along with some investors looking to cut their stake, is aiming to raise up to $616 million by offering 22 million shares priced between $26 and $28 each, it said in a regulatory filing.
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