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(Reuters) – Grocery delivery service Instacart is targeting a valuation between $8.6 billion and $9.3 billion in its initial public offering, according to a person familiar with the matter.

The valuation range will be disclosed in an updated IPO regulatory filing on Monday, the source said on Sunday

Instacart declined to comment.

The Wall Street Journal was the first to report on Sunday on Instacart’s IPO valuation target.

The targeted valuation is a steep drop from the firm’s $39 billion valuation in 2021, when the coronavirus pandemic was raging and doorstep delivery boomed.

Like SoftBank (TYO:)’s chip designer Arm Holdings Ltd and marketing automation firm Klaviyo, Instacart is expected to list its shares in September – part of a wave of high-profile names testing investor appetite for new listings.

Arm kicked off the road show for its IPO last week with the aim of raising roughly $4.9 billion in an offering that would value the company at as much as $52 billion, in what is expected to be this year’s biggest share sale.

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