By Noel Randewich

(Reuters) - Instacart's stock dropped 4% on Wednesday, marking a fresh low a day after it closed for the first time under the price in the grocery delivery platform's high-profile initial public offering.

Shares of Instacart, formally called Maplebear, last traded at $28.71 compared to the $30 price set in its IPO on Sept. 18.

Retail investors bought almost $12 million worth of Instacart shares in the company's first trading session, and net purchases have steadily declined since then, amounting on Wednesday to about $100,000, according to Vanda Research, which tracks retail trades.

SoftBank-backed chip designer Arm Holdings fell 2.5% to $52.19, just above the $51 price in its IPO two weeks ago.

After closing with a gain of 12% in its first session, Instacart has steadily lost ground.

Arm's shares have also mostly declined after surging in their Wall Street debut, touching intra-day lows below $51 in three of the past five sessions.

Arm's and Instacart's recent listings have coincided with a drop in Wall Street's main benchmarks as investors worry that the Fed could keep interest rates higher for longer than previously expected.

Their lackluster performances since their market debuts add to doubts about whether a hoped-for revival in IPOs will materialize after a drought of more than 18 months.

Meanwhile, shares of Klaviyo, which debuted a week ago, climbed 0.6% to $34.32 on Wednesday. The marketing automation firm's stock remains above its $30 IPO price, but well below its intraday high of $37 in its first day of trading.

(Reporting by Noel Randewich; Editing by Emelia Sithole-Matarise)