Instacart is resuming its IPO quest even as the markets struggle

Instacart confidentially filed documents for an IPO, the company announced Wednesday.

The IPO could take place this year, but talks are still in progress, Bloomberg reported, citing anonymous sources who said the company could still remain private. Goldman Sachs and JPMorgan Chase are working on the offering with Instacart, according to Bloomberg.

Instacart spent much of last year staffing up in preparation for an IPO, recruiting leaders from companies like LinkedIn, Google, Uber and Amazon. Last summer, Fidji Simo also left her role as head of the Facebook app to take over as CEO of Instacart.

By the end of the year, Instacart had pushed back plans to go public. In March, the company slashed its 409A valuation, an internal measure used to set employee stock compensation, from $39 billion to $24 billion in an attempt to get ahead of a declining market and potentially help recruiting.

Instacart faces increasing competition in grocery delivery, with DoorDash and Uber Eats offering groceries alongside restaurant meals. Amazon is expanding its grocery delivery options, as is Walmart. New startups are also promising faster grocery deliveries in as little as 15 minutes, though it's not clear that model can be profitable.

Under the Jobs Act of 2012, companies can prepare for an initial public offering without having to make their financials available for public view. Though the law provides for secrecy, companies often choose to disclose the fact of a confidential filing to forestall leaks or control the release of news. Instacart put out a statement about its filing following an initial report by Bloomberg of its plans.

It's been a challenging market for newly public companies. The Renaissance IPO Index, which tracks the post-listing performance of companies that have recently gone public, is down nearly 50% since the beginning of the year.