Updated March 23rd, 2024 at 10:40 IST

Walmart-backed Ibotta files for US IPO amid surging market appetite

Set up in 2011 by Bryan Leach, Ibotta specialises in helping brands execute digital promotions while offering cashback rewards to consumers on daily purchases.

Reported by: Business Desk
Walmart-backed Ibotta files for IPO | Image:Google Play
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Ibotta files for IPO: Ibotta, the digital marketing company backed by retail giant Walmart, has officially filed for its initial public offering (IPO) in the United States, as revealed in its filing on Friday.

The Denver-based firm boasts an impressive clientele including major brands like PepsiCo, Nestle, and Coca-Cola, totaling over 850 clients. However, the exact size of the offering remains undisclosed.

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In its filing, Ibotta showcased strong financial performance, with a notable 52% year-on-year revenue growth, reaching $320 million in 2023. Additionally, the company's net income margin expanded by 12 per cent.

Founded in 2011 by Bryan Leach, Ibotta specialises in helping brands execute digital promotions while offering cash-back rewards to consumers on everyday purchases.

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Ibotta's decision to move forward with its IPO comes amid a favourable market environment, with increasing investor appetite for new offerings. 

Recent successful IPOs, including those of Reddit Inc. and Astera Labs, have bolstered confidence in the IPO market after a prolonged period of subdued activity.

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The company intends to list its shares on the New York Stock Exchange under the symbol "IBTA." Goldman Sachs, Citigroup, and BofA Securities have been appointed as lead underwriters for the IPO, signalling strong institutional support for Ibotta's public debut.

(With Reuters Inputs)

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Published March 23rd, 2024 at 10:40 IST