Ibotta IPO Raises $577M, Tops Expected Range

Walmart-backed tech marketing firm Ibotta and its shareholders have successfully raised approximately $577.3 million through an initial public offering (IPO), surpassing the initially anticipated range. The IPO was priced at $88 per share, with 6.56 million shares sold, exceeding the estimated price range of $76 to $84 per share. This pricing places Ibotta’s market value at around $2.67 billion, as reported by Bloomberg, citing SEC filings and deal terms.

The size of the offering was increased from approximately 5.6 million to 6.5 million shares, as per an SEC filing. The IPO saw more than 4 million shares being allocated for sale by existing shareholders, including CEO Bryan Leach and a subsidiary of Koch Industries. Additionally, Walmart has the option to purchase over 3.5 million shares.

Koch Industries is expected to own about 15% of Ibotta’s Class A shares, while Walmart will have access to at least 8.2% of its Class A stock. Ibotta, known for its cashback offerings on digital and in-store purchases, has been a key player in the tech marketing sector since its founding in 2011. Notably, the company was valued at $1 billion in a 2019 series D funding round led by Koch.

Looking ahead, Ibotta is set to begin trading on the New York Stock Exchange under the ticker symbol IBTA on Thursday. This move marks a significant milestone for the company, which has grown to become a prominent player in the digital promotions and marketing solutions space.