The grocery delivery giant Instacart is preparing for its public offering, targeting a valuation range between $8.6 billion and $9.3 billion, as reported by various sources. This anticipated IPO marks a significant milestone for the company, indicating its readiness to re-enter the public market following a period of valuation fluctuations. The official announcement regarding this valuation range is expected to be made on Monday, as confirmed by an individual familiar with the matter who spoke with Reuters. The Wall Street Journal first broke the news about Instacart’s valuation targets on Sunday, creating buzz in the financial community.

As Instacart navigates its initial public offering, it is essential to note that the valuation may still be subject to change. According to the WSJ report, these preliminary figures highlight a remarkable contrast to the company’s previous worth. In March of last year, as public stocks experienced a downturn, Instacart’s valuation plummeted from an impressive $39 billion to $24 billion, with further declines reported by late 2022, reflecting a substantial drop of approximately 50%.

Despite these challenges and its adjusted valuation range, Instacart is poised to play a pivotal role in revitalizing a sluggish IPO market, which has remained largely dormant since late 2021. The tech sector has seen a lack of significant venture-backed IPOs since December of that year, making Instacart’s upcoming offering particularly noteworthy for investors and market analysts alike.

In a similar vein, the chip manufacturer Arm, which operates under the ownership of Japan’s SoftBank, submitted its own public offering documentation in August, further indicating a potential resurgence in the IPO landscape. As the market shifts, companies like Instacart are stepping forward to capture investor interest.

Instacart saw substantial growth during the Covid-19 pandemic as consumers sought alternatives to crowded grocery stores. However, as shopping habits returned to normal, the company faced ongoing challenges in maintaining operational efficiency. Currently, Instacart boasts a vast network, with customers and drivers fulfilling orders across more than 14,000 cities from over 80,000 grocers and other retail establishments, demonstrating its expansive reach in the grocery delivery market.

As Instacart prepares to enter the public market, it will join the ranks of prominent gig economy companies such as Uber, Airbnb, Lyft, and DoorDash. This anticipated IPO is set to trade on the Nasdaq under the ticker symbol “CART”, with Goldman Sachs leading the offering process, underscoring the significance of this event in the broader financial landscape.

–CNBC’s Hayden Field contributed to this report.

Correction: This story has been updated to reflect the accurate figures regarding the number of cities Instacart serves and the number of stores from which its customers fulfill orders.