Topline
Walmart-backed tech marketing firm Ibotta and shareholders raised about $577.3 million in an initial public offering, according to Bloomberg, pricing the IPO above its estimated range.
Ibotta was founded in 2011. (Photo credit should read CFOTO/Future Publishing via Getty Images)
Key Facts
Ibotta and shareholders sold 6.56 million shares for $88 each, Bloomberg reported, exceeding the company’s estimated IPO price, which was put between $76 and $84.
Selling the shares for $88 each means Ibotta would have a market value of $2.67 billion, according to Bloomberg, which cited SEC filings and terms of the deal.
Ibotta, which gives users cashback opportunities on digital and in-person shopping, increased the size of its offering from around 5.6 million to 6.5 million shares, according to an SEC filing.
More than 4 millions shares in the IPO were allocated for sale by existing shareholders including CEO Bryan Leach and an arm of conglomerate Koch Industries, while Walmart has the right to purchase more than 3.5 million shares, Bloomberg reported.
Koch will own about 15% of Ibotta’s Class A shares and Walmart will have access to at least 8.2% of Ibotta’s Class A stock.
Key Background
Ibotta, which produces digital promotions and marketing solutions, announced its proposed initial public offering earlier this month. Founded in 2011, the company was valued at $1 billion in a 2019 series D funding round led by Koch.
What To Watch For
Ibotta is expected to trade publicly on the New York Stock Exchange beginning Thursday. It will be listed under the ticker IBTA.
Further Reading
Walmart-Backed Ibotta, Holders Raise $577 Million in IPO Priced Above Range (Bloomberg)
Digital marketer Ibotta to go public on Thursday as IPO market heats up (Fortune)
