Annual financial report of Ibotta, Inc. for the year 2024

Walmart-Backed Ibotta IPO Raises $577M, Shares at $88, Valuation Hits $2.7B

Apr 18, 2024, 12:15 AM

Ibotta, Inc., a digital marketing software firm backed by Walmart, successfully raised approximately $577.3 million in an upsized initial public offering (IPO). The Denver-based company, known for its cash-back rewards platform, priced its shares at $88 each, which was above the initially targeted range. This pricing gives Ibotta a market valuation of about $2.7 billion. The IPO was notable for its size, initially set at $525 million, but later adjusted to $551 million before finally closing at around $577 million. Ibotta's revenue for the trailing twelve months was reported at $320.04 million, with a year-over-year growth of 51.89%. The IPO size was boosted as investors eyed the AI-enhanced digital marketing play, and the Walmart-backed IPO made a brick-and-mortar AI pitch.