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Walmart-backed technology marketing company Ibotta and shareholders raised about $577.3 million in the initial public offering, with the IPO price above its estimated range, according to Bloomberg.
Ibotta was founded in 2011. (Photo credit to his CFOTO/Future Publishing via Getty Images)
important facts
Bloomberg reported that Mr. Ibotta and his shareholders sold 6.56 million shares for $88 per share, above the company's estimated IPO price of $76 to $84.
The sale of the stock at $88 per share would give Ibotta a market value of $2.67 billion, according to Bloomberg, which cited SEC filings and the terms of the deal.
Ibotta, which offers users the opportunity to earn cash back on digital and in-person purchases, expanded its offering from about 5.6 million shares to 6.5 million shares, according to an SEC filing.
More than 4 million shares in the IPO will be allocated for sale by existing shareholders, including CEO Brian Leitch and units of conglomerate Koch Industries, while Walmart has more than 3.5 million shares, Bloomberg reports. have the right to purchase.
Mr. Koch will own approximately 15% of Ibotta's Class A stock, giving Walmart access to at least 8.2% of Ibotta's Class A stock.
Main background
Ibotta, which creates digital promotion and marketing solutions, announced a proposed initial public offering earlier this month. Founded in 2011, the company was valued at $1 billion in a 2019 Series D funding round led by Koch.
What to watch out for
Ibotta plans to list on the New York Stock Exchange starting Thursday. It will be listed under the ticker IBTA.
References
Walmart-backed Ibotta raises $577 million in above-range IPO for holders (Bloomberg)
Digital marketer Ibotta to go public on Thursday as IPO market heats up (Fortune)
