Sources say Instacart, an American fresh ecommerce company, canceled its IPO plan due to market turmoil.

CTOnews.com October 21 news, Reuters reported, Two people familiar with the matter revealed that due to market uncertainty investors worried about capital market volatility, US fresh e-commerce Instacart may delay the listing plan in 2022.

CTOnews.com understands that Dealogic data show that US-listed companies have raised just over $7 billion so far this year. Traditional IPOs (excluding special-purpose buyout companies) raised a record $154 billion last year.

Instacart has not ruled out a listing entirely, but its plans to go public in 2022 look highly unlikely, a source said. Instacart declined to comment on IPO plans.

Instacart has been laying off workers, slowing hiring and limiting other expenses, and has laid off some of its more than 3000 employees, The Information reported last month.

Instacart was scheduled to go public in the fourth quarter and unveil IPO filing documents in the coming days, but the plan has now been suspended due to market turmoil, the sources noted. In May, Instacart said it had filed confidential documents with U.S. securities regulators to go public.