Walmart-backed Ibotta targets up to $2.7 billion valuation in US IPO

Walmart-backed Ibotta targets up to $2.7 billion valuation in US IPO

Walmart-backed digital marketing company Ibotta will likely raise $577.3 million at a valuation of $2.67 billion, after pricing its initial public offering on Wednesday.

It plans to sell 6.6 million shares of its class A common stock at $88 apiece, exceeding its earlier price range of $76-$84 apiece, Ibotta added.

Increased buzz around artificial intelligence and hopes of a rebound in the U.S. IPO market from a two-year slump, buoyed by a possible soft landing for the economy have encouraged more tech companies to test the IPO waters.

Ibotta, founded in 2011, provides a platform for brands to deliver promotions to customers and offer cash back rewards on their everyday purchases.

Goldman Sachs, Citigroup Global Markets, and BofA Securities are the lead underwriters for the IPO.

Ibotta will list on the New York Stock Exchange under ticker symbol "IBTA", with shares expected to start trading on Thursday.