On Monday, Instacart, the grocery delivery company that grew during the pandemic, priced its long-awaited IPO at $30 per share, becoming the first venture-backed tech company to go public since December 2021.

Instacart’s offering came in at the top of the expected range of $28 to $30 per share, valuing the company at about $10 billion fully diluted. A total of 22 million shares were sold in the initial public offering, with 14.1 million coming from the company and 7.9 million from existing shareholders. Under the ticker symbol “CART,” the stock will debut on the Nasdaq Stock Market on Tuesday.

In order to attract public market investors, the 11-year-old company, which delivers groceries from Kroger, Costco and Wegmans, had to drop its stock price dramatically. As the Covid pandemic reached its peak in early 2021, Instacart raised $39 billion from prominent venture firms like Sequoia Capital and Andreessen Horowitz, as well as big asset managers Fidelity and T. & T. Williams.

After inflationary pressures and rising interest rates pushed investors out of risk, the tech IPO market has been mostly shut down since December 2021. Other billion-dollar-plus companies in the pipeline could decide to test the waters based on Instacart’s performance and Klaviyo’s upcoming debut.

By sacrificing growth for profitability, Instagram has proven that its business model can generate earnings. The company’s revenue increased 15% in the second quarter to $716 million, down from 40% in the year-ago period and about 600% in the early months of the pandemic. In mid-2022, the company reduced its headcount and lowered customer and shopper support costs.