Instacart reveals 31% revenue jump in road to long-awaited IPO

Smartphone with displayed Instacart logo is seen in this illustration taken March 25, 2022. REUTERS/Dado Ruvic/Illustration/file photo

(Reuters) -Grocery delivery app Instacart on Friday revealed a 31% jump in revenue for the first half of 2023, inching closer to a much-anticipated initial public offering in what is shaping up to be a busy spell for new listings.

The development comes days after SoftBank Group-backed chip designer Arm Holdings made public its IPO filing. Both the companies are expected to be a litmus test of investors' appetite for IPOs, and could encourage other startups to list their shares.