Register now for FREE unlimited access to Reuters.com RegisterSept 19 (Reuters) - Grocery delivery app Instacart Inc plans to focus on the sale of employees' shares in its U.S. initial public offering and does not intend to raise much capital for the company, the Wall Street Journal reported on Monday, citing sources familiar with the matter. The report added the sale of mostly employee shares would allow Instacart's staff, including its earliest hires, to cash in on of some of the shares they have been accumulating and also help the company retain talent. Register now for FREE unlimited access to Reuters.com RegisterThe shares will be sold directly to new investors at an agreed-upon price ahead of a stock-market debut, according to the WSJ report. Instacart said in May it had confidentially filed with the U.S. securities regulator to go public, not long after slashing its valuation by 40% following market turbulences. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Praveen Paramasivam in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Source: Wall Street Journal September 19, 2022 22:54 UTC