Instacart Reveals $428 Million in Profit but Slowing Growth Ahead of I.P.O.

Instacart, the grocery delivery business that boomed during the pandemic, took a step on Friday toward an initial public offering that will be a test of Wall Street’s appetite for tech start-ups after a yearlong industry slump.

In an offering prospectus that gave the first public look at its financials on Friday, Instacart revealed that unlike other gig economy companies, it has managed to turn a profit. But growth of its core grocery delivery business is slowing.

If it is successful, Instacart’s public offering could clear a path for many more from tech start-ups. At least 1,400 private tech companies worth $1 billion or more have been waiting for a more favorable I.P.O. market, said Brianne Lynch, head of market insights at EquityZen, an online marketplace for private stock.

Just 100 companies with market valuations over $50 million went public in the United States last year, compared with 397 in 2021, according to Renaissance Capital, which tracks listings. New public listings have also been scant this year, though Arm, a chip maker owned by SoftBank, also filed an offering…