The Globe and Mail reports in its Saturday edition that Instacart, the U.S.-based grocery delivery business that boomed during the pandemic, took a step Friday toward an initial public offering that will be a test of Wall Street's appetite for tech start-ups after a year-long industry slump. A New York Times item inside The Globe says that in an offering prospectus that gave the first public look at its financials on Friday, Instacart revealed that unlike other gig-economy companies, it has managed to turn a profit. However, growth of its core grocery-delivery business is slowing. Its grocery orders were flat in the first half of this year compared with 2022. If it is successful, Instacart's public offering could clear a path for many more from tech start-ups. At least 1,400 private tech companies worth $1-billion (U.S.) or more have been waiting for a more favourable IPO market, said Brianne Lynch at EquityZen. Just 100 companies with market valuations of more than $50-million (U.S.) went public in the United States last year, compared with 397 in 2021. As it has grown, expanding into thousands of cities across North America, Instacart has faced increasing competition from rivals including DoorDash, Gopuff and Amazon.