Grocery delivery app Instacart, among the biggest beneficiaries from Covid quarantines, filed an application for an Initial Public Offering (IPO) on Friday after🙈 delaying a previous attempt late last year.

The San Francisco-based company, which reported a 37% jump in revenue, filed its paperwork under the name of its parent company Maplebear Inc. The company had shelved plans for a public listing in the fourth quarter of last year, citing the weak environment for tech stocks and the Federal Reserve's aggressive rate hike strategy.

A public listing for Instacart has been o𒈔ne of the most hotly-anticipated in recent years after the company raised $2.74 billion in early funding from investors such as hedge fund Tiger Global Management. Instacart was valued at $39 billion in 2021.

Then, as the easing of the pandemic brought consumers back to restaurants and physical grocery stores, management cut its valuation to $13 billion last year.

The IPO market has been buffeted by a series of challenges since the pandemic. In the first half of the year, EY reports there were 63 IPOs, slightly up from the first half of 🐷2022 but likely on track to finish the year lower than pre-pandemic levels.

The global merger and acquisition volumes reached a record high of $5 trillion in 2021, but have since been on an eighteen-month slowdown.ꦑ Interest rates, market volatility and inflation have all been headwinds for companies looking to go public.

Documents filed by Instacart on Friday showed a 31% jump in revenue to $1.48 billion for the six months ended June 30. Net income at the firm was $242 during the same period compared to a $74 million loss a year earlier.