Ibotta (NYSE:IBTA), the digital marketing firm backed by Walmart, made a powerful entry into the market on Thursday, with its shares opening 33% higher on the New York Stock Exchange (NYSE), valuing the company at $3.55 billion.
In its initial public offering (IPO), Ibotta sold 6.6 million shares at $88 apiece, exceeding its earlier price range of $76 to $84 per share and raising $577.3 million.
The surge in Ibotta’s stock price reflects the strong demand for tech offerings, which are leading the resurgence of the U.S. IPO market in 2024 after a sluggish period. Investors are buoyed by optimism regarding the economy’s soft landing.
Bryan Leach, CEO of Ibotta, outlined the company’s plans for utilizing the IPO proceeds, emphasizing a focus on enhancing its AI-enabled technology to provide advertisers with a more robust set of capabilities for reaching large audiences. In an interview with Reuters, Leach highlighted Ibotta’s platform, which enables consumer brands to deliver promotions and offer cash-back rewards to customers on their everyday purchases.
Featured Image: Freepik
Author Faith Yakubu 
