Proactive Investors - Walmart Inc (NYSE:WMT, ETR:WMT)-backed Ibotta targeted a US$2.7 billion valuation as its initial public offering (IPO) got underway on Monday.
Some 5.6 million shares were set to be sold through the placing, according to a Monday US Securities and Exchange Commission filing, priced between US$76 to US$84 each.
At the top of the range, Ibotta would raise US$470 million, with the company offering 2.5 million shares and stakeholders selling a further 3.1 million.
Digital marketing platform Ibotta was founded in 2011 and runs promotions for consumer packaged goods companies, including Walmart and Dollar General (NYSE:DG), through a network of publishers.
Walmart has the right to buy over 3.5 million shares through the placing and is already listed as a stockholder with a stake of over 5%.
Shares are set to trade on the New York Stock Exchange under the ‘IBTA’ ticker, with chief executive and founder Bryan Leach retaining around 69.7% of the company’s voting rights.
The listing comes as IPO activity appears to gain traction in the US following a two-year slump, with chip firm Astera Labs social media platform Reddit floating last month.
Ibotta, which had been valued at around US$1 billion following a private fundraising round in 2019, saw net income climb to $38.1 million in 2023, after a $54.9 million loss a year earlier, on the back of a 53% jump in revenue to US$320 million.