Is sending people out to lug home the grocery for you a viable business model? Instacart, a business little known outside the US, is about to test the IPO waters after Arm dipped a toe in, and reported that it was warmer than it looks. Shares in Arm close up nearly 25 per cent, at $63.59, after the first day of trading on Thursday. Instacart, which has set an offer price between $26 and $28, is a different proposition to the chipmaker. Grocery delivery boomed during Covid, not so much now. It turns a profit thanks in part to its ad business, plugging food brands on its app. Its stock market debut, perhaps as soon as next week, will reveal whether the water really is safe to swim in.
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