The Wall Street Journal is reporting that according to sources familiar with the matter, Instacart, the grocery delivery service, is targeting a valuation of $8.6 billion to $9.3 billion for its initial public offering.

According to the source, the range of the valuation will be disclosed on Monday in an updated regulatory filing.

Instacart has not commented on the report.

The newly cited valuation marks a steep drop from the days of the coronavirus pandemic, when people were locked down and the doorstep delivery industry was booming. In 2021, at the height of the pandemic, Instacart was valued at $39 billion.

The Instacart IPO is expected to go live in September, along with a wave of high-profile names like SoftBank’s chip designer Arm Holding, Ltd, and Klaviyo, the marketing automation firm, all testing the appetite of investors for new listings.

Last week, Arm began the road show for its IPO, which is looking to raise about $4.9 billion. Its offering is expected to be the the biggest share sale of the year, valuing the company at as much as $52 billion.

Sources told Reuters that Instacart had considered a direct listing. In a direct listing, unlike with an IPO, no shares are sold ahead of the listing, and investors are allowed to sell their shares directly to the public.

Last month, Instacart reported that for the six months ended June 30th, the company had reported revenue of $1.48 billion, which was an increase of 31% over the same period the previous year. In addition the company reported a 24% surge in advertising and other revenue, bringing the reading up to $406 million. Net income came in at $242 million over the six month period, versus a loss of $74 million one year prior.

Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Co and T Rowe Price are among the high-profile investors behind Instacart.