Diy has launched its first stock offering, raising a $2.2 billion valuation and buying out its stake in another US-based online marketplace, Instacart, to create a new, standalone platform.
The company has set a goal of raising $10 billion in a private round.
In a note to investors on Monday, Diy said the company had been on a “slower trajectory” over the past few years.
“Since its inception in 2012, Diys has made substantial investments in technology and operations that have helped drive growth in the company,” the note said.
In addition to Diy, investors in the offering include Andreessen Horowitz, CapitalG, Sequoia Capital, Benchmark, and Founders Fund.
In a note announcing the IPO, Diage said it planned to expand its presence in the US by opening two retail stores in Los Angeles and Atlanta, and to expand operations in cities across the country.
The company said it plans to invest $300 million in the Atlanta retail store, while the other is planned for Chicago.
Diage has a strong focus on its online platform and is a pioneer in offering online orders to its customers.
The company’s new IPO, which it plans for later this year, is the first public offering by a US-listed online retailer.
The other major U.S. online retailer, Amazon, has already announced an IPO of its own.