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Walmart-Backed Ibotta Sees Share Price Leap 33% in Market Debut

Apr 18, 2024 - pymnts.com
Ibotta, a Walmart-backed digital rewards firm, saw its shares jump 33% during its debut on the New York Stock Exchange. The stock debuted at $117 per share, up from its initial pricing of $88 per share, raising $577.3 million and giving the company a market valuation of $2.7 billion. The proceeds from the IPO will be used to expand its AI-enabled technology to provide more capabilities to its advertisers and help them promote their products digitally.

The company's platform allows companies to deliver digital promotions to over 200 million consumers via the Ibotta Performance Network. Ibotta is backed by Walmart and has more than 850 clients, including PepsiCo, Nestle, and Coca-Cola. The company's revenue grew 52% year-over-year in 2023, and its net income margin grew 12%. The firm was valued at $1 billion in a Series D funding round in 2019.

Key takeaways:

  • Ibotta's shares rose by 33% during their debut on the New York Stock Exchange, with the stock debuting at $117 per share after pricing at $88 per share.
  • The firm raised $577.3 million and has a market valuation of $2.7 billion.
  • Ibotta plans to use the proceeds of its IPO to enhance its AI-enabled technology to provide more capabilities to its advertisers and help them promote their products digitally.
  • The company's platform allows companies to deliver digital promotions to more than 200 million consumers via the Ibotta Performance Network, and is backed by Walmart with more than 850 clients including PepsiCo, Nestle and Coca-Cola.
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