Proactive Investors - Ibotta had a strong debut on the New York Stock Exchange on Thursday, soaring as much as 34% above their initial public offering (IPO) price.
The company sold 6.6 million shares at $88 each raising $577.3 million, above its earlier price range of $76 to $84 per share.
After reaching as high as $117 per share, the Walmart-backed digital marketing technology firm traded up 17% at $102 per share mid-afternoon.
Denver, Colorado-based Ibotta provides a platform for brands to offer promotions to customers and offers cash back rewards on purchases.
CEO Bryan Leach told Reuters that the company intends to use the proceeds from the IPO to build out its AI-enabled technology to promote products digitally.
It achieved a profit of $38 million on revenue of $320 million in 2023, compared to a net loss of $55 million on revenue of $211 million in the previous year, regulatory filings show.
Ibotta’s listing follows recent strong market debuts from social media platform Reddit (NYSE:RDDT) and AI firm Astera Labs, a sign that the IPO market is rebounding after a nearly two-year slump.
A total of $12 billion has raised from IPOs on US exchanges in 2024 compared to $3.9 billion this time in 2023, according to Bloomberg data.