Walmart-backed IPO makes brick-and-mortar AI pitch

Klaviyo

17/04/2024 14:22

(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
    By Sharon Lam
       TORONTO, April 17 (Reuters Breakingviews) - Ibotta is
chasing a $2.6 bln public valuation for one of marketing’s
oldest tricks: rebates on in-store purchases. Its data-gathering
is simple – customers scan receipts – yet solid and profitable.
But efforts to cover the company in a high-tech sheen look like
a stretch.
    Full view will be published shortly.
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    CONTEXT NEWS
U.S. rewards-app company Ibotta is seeking an initial public
offering that could value the company at up to $2.55 billion,
according to Securities and Exchange Commission filings. The
company is selling nearly 2.5 million shares, while certain
pre-IPO investors are offering about 4.1 million. The price
range, between $76 and $84 per share, implies the company could
raise up to $551 million.

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Graphic: Ibotta's revenue growth outpaced Klaviyo's in 2023
Ibotta's revenue growth outpaced Klaviyo's in 2023    https://reut.rs/3VNUvYQ
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 (Editing by Jonathan Guilford and Aditya Sriwatsav)
 ((For previous columns by the author, Reuters customers can
click on  LAM/ 
sharon.lam@thomsonreuters.com; Reuters Messaging:
sharon.lam.thomsonreuters.com@reuters.net))