Walmart-backed Ibotta targets up to $2.7 bln valuation in US IPO

Ibotta

18/04/2024 03:57

April 17 (Reuters) - Walmart  WMT.N -backed digital
marketing company Ibotta will likely raise $577.3 million at a
valuation of $2.67 billion, after pricing its initial public
offering on Wednesday.
    It plans to sell 6.6 million shares of its class A common
stock at $88 apiece, exceeding its earlier price range of
$76-$84 apiece, Ibotta added.
    Increased buzz around artificial intelligence and hopes of a
rebound in the U.S. IPO market from a two-year slump, buoyed by
a possible soft landing for the economy have encouraged more
tech companies to test the IPO waters.
    Ibotta, founded in 2011, provides a platform for brands to
deliver promotions to customers and offer cash back rewards on
their everyday purchases.
    Goldman Sachs, Citigroup Global Markets, and BofA Securities
are the lead underwriters for the IPO.
    Ibotta will list on the New York Stock Exchange under ticker
symbol "IBTA", with shares expected to start trading on
Thursday.
    

 (Reporting by Disha Mishra in Bengaluru; Editing by Rashmi
Aich)
 ((Disha.Mishra@thomsonreuters.com;))