Instacart’s Stock Closes Below IPO Price for the First Time, Reports Reuters

Grocery delivery platform Instacart’s stock closed below its initial public offering price for the first time on Tuesday. The shares, which are officially known as Maplebear, declined 1.65% to finish at $29.89, compared to the IPO price of $30 set on September 18.

Similarly, chip designer Arm Holdings saw its stock fall by 1.69%, ending at $53.52. This is compared to the IPO price of $51 from September 13. After an impressive debut on Wall Street, Arm’s stock has mostly declined, hitting intraday lows below $51 in three of the past four days.

In another development, Klaviyo, which went public last Wednesday, experienced a 1.6% drop to $34.11. Although the marketing automation firm’s stock remains above its $30 IPO price, it is significantly lower than its intraday high of $37 on the first day of trading.

The underwhelming performances of Arm and Instacart’s stocks since their market debuts raise concerns about the potential revival of IPOs following a lengthy period of inactivity lasting more than 18 months.