(Bloomberg) -- Grocery delivery business Instacart is planning to sell shares in its initial public offering for $30 apiece and perhaps more, according to people familiar with the matter.

The San Francisco-based company was offering to sell 22 million shares for $28 to $30 each, a range it elevated on Friday. Instacart is deciding whether to price the shares Monday at the top of that range or potentially higher at $31, said one of the people, who asked not to be identified because the information wasn’t public yet.

The exact price hasn’t been set yet and could still change, the people said. A representative for Instacart, which is incorporated as Maplebear Inc. and filed under that name, declined to comment.

At $30 a share, Instacart’s IPO would raise $660 million and the company would have a fully diluted valuation of $9.9 billion. That’s a steep plunge from its $39 billion valuation in a 2021 funding round when its business boomed amid pandemic lockdowns, but still ranks it as one of the biggest companies to go public this year.

Instacart’s listing combined with Arm Holdings Plc’s last week is giving equity capital markets much-needed relief after the longest drought since 2009 in the depths of the financial crisis. As a venture-backed consumer startup, success in its trading debut could pry open the IPO market for other companies looking to go public.

Marketing and data automation provider Klaviyo Inc. is planning to sell its shares Tuesday, with German footwear maker Birkenstock Holding Ltd. also preparing to list.

In conjunction with Instacart’s IPO, PepsiCo Inc. is buying $175 million of its preferred convertible stock. It’s also enlisted Norway’s Norges Bank, TCV, Sequoia, D1 Capital Partners LP and Valiant Capital Management as cornerstone investors that could take up to 60% of the shares, according to its prospectus.

Instacart’s largest investors include Sequoia Capital and D1 Capital Partners, according to the filing. Other investors have included Tiger Global Management and Coatue Management, according to PitchBook.

The IPO is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., with Bank of America Corp., Barclays Plc and Citigroup Inc. also participating along with 15 other underwriters. Instacart’s shares are set to begin trading Tuesday on the Nasdaq Global Select Market under the symbol CART.

(Updates with possible valuation in fourth paragraph)

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