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


FILE PHOTO: FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly/File Photo/File Photo

(Reuters) - Walmart-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)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

Study: Over 300 million children a year face sexual abuse online
Camera watching you drive? Monitoring tech grows as regulators battle distracted driving
Microsoft Word just fixed its biggest copy-paste headache of all time
Online fraud is now growing faster than online retail, analysis shows
Microsoft expands Copilot AI assistant with project manager skills
Zimbabwe approves licensing of Musk's Starlink internet service
Tesla shareholders advised to reject Musk's $56 billion pay
Preview: Photorealistic ‘Empire of Ants’ turns a classic sci-fi novel into a real-time strategy game
Elon Musk plans xAI supercomputer, The Information reports
Teens are now gaming more than they’re watching TV

Others Also Read