Tech marketing firm Ibotta’s stock rocketed Thursday following its public debut, blowing past its offering price one day after the Walmart-backed company raised $577.3 million for its IPO.
Ibotta shares’ offering price was $88. (Photo by Jonathan Bachman/Getty Images)
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Key Facts
Ibotta, which debuted with an offering price of $88, saw its shares trade up as high as $116 on Thursday before cooling off and closing at $103.25
The company’s $88 offering price landed above its initial estimated offering range between $76 and $84.
The public debut on the New York Stock Exchange valued the company at $3.55 billion, Reuters reported.
Ibotta sold 6.6 million shares at the $88 offering price for its IPO.
Big Number
69.7%. That’s the share of voting power Ibotta CEO Bryan Leach will hold in the newly public company.
Key Background
Ibotta, founded in 2011, gives an advertising platform for consumer brands’ promotions and provides cashback opportunities for shoppers.
The company increased the size of its initial offering from around 5.6 million to 6.5 million shares, according to a Tuesday SEC filing. Koch Disruptive Technologies owns about 15% of Ibotta’s Class A shares while Walmart owns around 8.2%, Bloomberg reported. Ibotta generated $38 million in net income last year on $320 million in revenue, according to its prospectus.
Five years ago, the company was valued at $1 billion in a series D funding round led by Koch.
