Walmart-backed Ibotta shares surge 33% in strong market debut (updated)

Ibotta

18/04/2024 18:11

(Adds details of offering, quote from CEO interview and
background throughout)
       April 18 (Reuters) - Digital marketing firm Ibotta
 IBTA.N  was valued at $3.55 billion in its market debut on
Thursday, after shares of the Walmart-backed company opened 33%
higher on the NYSE.
    Ibotta sold 6.6 million shares at $88 apiece in its initial
public offering (IPO), raising $577.3 million. Its earlier price
range was $76-$84 apiece.
    Tech offerings are leading the charge as the U.S. IPO market
rebounds in 2024, after a sluggish two years, fueled by hopes of
a soft landing in the economy.
    "We're going to use the proceeds of the IPO to build out the
AI-enabled technology to provide richer set of capabilities for
our advertisers, who want to be able to reach large audiences,"
Ibotta CEO Bryan Leach told Reuters in an interview. 
    Ibotta provides a platform for consumer brands to deliver
promotions to customers and offer cash-back rewards on their
everyday purchases.

 (Reporting by Jaiveer Shekhawat and Sri Hari N S in Bengaluru;
Editing by Tasim Zahid and Shilpi Majumdar)
 ((SriHari.NS@thomsonreuters.com;))