Grocery delivery app Instacart said it had confidentially filed with the US securities regulator to go public, not long after the pandemic darling was forced to slash its valuation by 40% following market turbulences and heated delivery wars.

The move by San Francisco-based Instacart comes at a time capital markets investors, hit by heavy losses from 2021 listings, are shunning initial public offerings, and equity markets are bleeding in anticipation of further aggressive interest rate hikes to tame inflation.

A selloff in global markets following Russia’s invasion of Ukraine in February and subsequent Western sanctions has made matters worse, forcing many companies to put their US listing plans on hold. Eye-care company Bausch + Lomb last week priced its IPO well below its targeted range.

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