Grocery delivery app Instacart, among the biggest beneficiaries from Covid quarantines, filed an application for an Initial Public Offering (IPO) on Friday after dela🦄ying a previous attempt late last ye🅰ar.

The San Francisco-based company, which reported a 37% jump in revenue, filed its paperwork under the name of its parent company Maplebear Inc. The company had shelved plans for a public listing in the fourth quarter of last year, citing the weak environment for tech stocks and the Federal Reserve's aggressive rate hike strategy.

A public listing for Instacart has been one of the most hotly-anticipated in recent years afཧter the company raised $2.74 billion in early funding from investors such as hedge fund Tiger Global💫 Management. Instacart was valued at $39 billion in 2021.

Then, as the easing of the pandemic brought consumers back to restaurants and physical grocery stores, management cut its valuation to $13 billion last year.

The IPO market has been🍸 buffeted by a series of challenges since the pandemic. In the first half of the year, EY reports there were 63 IPOs, slightly up from the first half of 2ꦚ022 but likely on track to finish the year lower than pre-pandemic levels.

The global merger and acquisition volumes reached a record high of $5 trillion in 2021, but have since been on an eighteen-month slowdown. Interest rates, market volatility and inflation have ꧂all been headwin꧂ds for companies looking to go public.

Documents filed by Instacart on Friday showed a 31% jump in revenue to $1.48 billion for the six months ended June 30. Net income at the firm was $242 during the same period compared to a $74 million loss a year earlier.