Key Takeaways
- Shares of Walmart-backed Ibotta jumped over 17% to $103.25 per share in the digital marketing company’s first day of trading on the New York Stock Exchange Thursday under the ticker “IBTA.”
- The company had priced its shares at $88 apiece in its initial public offering (IPO), well above its estimated range of $76 to $84.
- Ibotta offers customers promotions and other advertisements through its own platform, and through the platforms of clients like Dollar General and Walmart, which is also an investor in the company.
Shares of Ibotta (IBTA), a digital marketing company backed by Walmart (WMT), jumped over 17% in their first day of trading on the New York Stock Exchange Thursday.
Ibotta had priced its initial public offering (IPO) at $88 per share, well above its estimated range of $76 to $84, and shares opened at $117 before finishing at $103.25 Thursday.
The number of shares offered in Ibotta’s IPO rose to 6.56 million shares, up from the 5.625 million it originally suggested would be sold. Ibotta sold 2.5 million shares, while the number of shares offered by other stockholders increased to 4.06 million from 3.125 million, according to a filing with the Securities and Exchange Commission.
Artificial intelligence technology powers the company’s platform, which matches hundreds of clients with potential customers through advertisements and special promotions in the Ibotta app, as well as through the official platforms of its clients like Walmart and Dollar General (DG).
The company’s SEC filings showed that it had over 850 clients at the end of 2023, which together represent 2,400 individual product brands. It estimated that Ibotta’s platform earned customers about $1.8 billion, and Ibotta said it generated $320 million in revenue last year.
Some notable clients listed in the filing include the Coca-Cola Company (KO), PepsiCo (PEP) and Family Dollar, which is owned by Dollar Tree (DLTR).
