Ibotta IPO: Stock price closely watched today as Walmart-backed marketing platform lists on NYSE
The Denver-based company, which works with popular retailers such as Best Buy and Home Depot, will further test investor appetite for tech-focused public offerings.
Today, another tech company is going public. This time it’s Ibotta Inc, a digital marketing platform that offers cash-back rewards when customers shop in a retail store or via that retailer’s app. Here’s what you need to know about Ibotta’s initial public offering (IPO):
What is Ibotta?
It’s a Denver-based digital marketing platform that was founded back in 2011. The company’s main product is called the Ibotta Performance Network (IPN), a network of publishers that allow marketers to advertise and offer digital promotions to over 200 million customers.
These promotions allow customers to collect cash back every time they shop in a brand’s store or app. The customers can then have their cash back deposited in their bank account or delivered via a gift card.
Ibotta says its shoppers have so far earned over $1.8 billion since 2012. And yes, “Ibotta” is a pun (“I bought a . . .”).
What brands work with Ibotta?
Lots—including Home Depot, Best Buy, eBay, Old Navy, Sam’s Club, Kohl’s, Walmart, and more.
When is Ibotta’s IPO?
Ibotta priced its shares on Wednesday and expects to list its stock today, Thursday, April 18, 2024.
What is Ibotta’s stock ticker?
Ibotta’s stock will trade under the ticker IBTA.
Which exchange will Ibotta shares trade on?
Ibotta shares will trade on the New York Stock Exchange (NYSE).
What is the IPO share price of IBTA?
Ibotta’s IPO share price is $88.00, which is above the initial $76-84 range.
How many IBTA shares are available in its IPO?
6,560,700 shares of IBTA will be available. Of that, 4,060,700 will be sold by existing Ibotta shareholders and 2,500,000 will be sold by Ibotta itself.
How much will Ibotta raise in its IPO?
The company will only collect the profits from the 2.5 million shares it sells. At $88 a piece, the sale of 2.5 million shares would net $220 million.
What is Ibotta’s valuation?
When all 6.56 million shares are taken into account, Ibotta has a market value of around $2.67 billion. However, as Yahoo Finance notes, when stock options and restricted share units (RSUs) are included, the company’s fully diluted valuation would be near $3 billion.
What is Walmart’s connection to Ibotta?
Retail juggernaut Walmart is both a client of Ibotta’s and also a financial backer of the company.
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