The Globe and Mail reports in its Tuesday edition that Instacart on Monday set a target of up to $9.3-billion in valuation on a fully diluted basis in its hotly anticipated U.S. initial public offering (all figures U.S.). A Reuters dispatch to The Globe reports that Goldman Sachs and JPMorgan are the lead underwriters in the offering. Instacart is aiming to raise up to $616-million by offering 22 million shares priced between $26 and $28 each. In an unusual move, cornerstone investors have agreed to buy up to $400-million worth of shares sold in the offering, which would account for nearly two-thirds of the total proceeds at the top end of the price range. Such investors include Norges Bank Investment Management, a division of Norges Bank, and entities affiliated with venture capital firms TCV, Sequoia Capital, D1 Capital Partners and Valiant Capital Management. Sequoia and D1 Capital are current backers of Instacart. More than 1,400 national, regional and local retail banners that collectively represent more than 85 per cent of the U.S. grocery market partner with Instacart. It filed for the IPO as Maplebear Inc., the name under which it is incorporated. It will trade on the Nasdaq under the symbol "CART."