Grocery-delivery app Instacart raised the proposed price range for its planned initial public offering on Friday to $28 to $30 from $26 to $28 previously. The move was expected after the Wall Street Journal reported it would do so in the wake of Arm Holdings' successful IPO on Thursday , citing people familiar with the matter Instacart is planning to offer 22 million shares to raise $660 million at the top of that range at a valuation of $8.3 billion. As part of the deal, PepsiCo (PEP) has agreed to purchase $175 million of Instacart's Series A redeemable convertible preferred stock.

-Ciara Linnane

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September 15, 2023 06:30 ET (10:30 GMT)

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