Walmart-backed digital marketing company Ibotta has filed to go public in the United States, it said in a filing.
The Denver-based company, which counts PepsiCo, Nestlé and Coca-Cola among its more than 850 clients, did not disclose the size of the offering.
Its revenue grew 52% year-on-year to $320 million (€294.6 million) in 2023 while net income margin grew 12%, the filing showed.
Founded by Bryan Leach in 2011, the company helps brands deliver digital promotions and offers cash-back rewards to consumers on their everyday purchases.
Initial Public Offering
Ibotta is moving forward with its listing plans at a time when initial public offerings in the United States are on the rebound thanks to easing concerns over elevated borrowing costs.
Shares of Reddit Inc and Astera Labs sky-rocketed in their debuts last week, further encouraging companies and investors to return to IPOs after a nearly two-year lull.
Ibotta plans to list its shares on the New York Stock Exchange under the symbol 'IBTA'.
Goldman Sachs, Citigroup and BofA Securities are the lead underwriters in the initial public offering.
About Ibotta
Based and headquartered in Denver, Colorado, Ibotta, short for 'I bought a...' is a marketing platform that enables brands to distribute digital promotions to over 200 million consumers via a network of publishers known as the Ibotta Performance Network (IPN).
According to the company, through the IPN, marketers can shape consumer purchasing decisions, influencing their choice of products, stores, and shopping frequency, with payment occurring when campaigns generate direct sales.
Since its inception in 2012, American shoppers have collectively earned approximately $1.8 billion (€1.66 billlion) through the IPN, the company claims.
