Shares of the digital marketing company Ibotta (IBTA) rose more than 17% on their first day of trading on the New York Stock Exchange on Thursday. Supported by retail giant Walmart (WMT), Ibotta had set the Initial Public Offering (IPO) to a price well beyond its predicted range, costing $88 per share. The shares made their debut at $117, eventually settling at $103.25 by Friday's close.
It was noted that the number of Ibotta shares offered during the IPO had increased. It rose to 6.56 million from the initially proposed 5.625 million. Ibotta parted with 2.5 million of those shares, while other shareholders increased their offering to 4.06 million, an increase from previously mentioned 3.125 million, as per a filing with the Securities and Exchange Commission.
Ibotta uses artificial intelligence technology to power its platform. It acts as a bridge connecting hundreds of clients with potential patrons via advertisements and special deals on the Ibotta app and the official platforms of its partners, such as Walmart and Dollar General (DG).
According to the company's SEC filings, Ibotta had over 850 clients ending 2023, cumulatively symbolizing 2,400 individual product brands. Ibotta's platform was estimated to have made customers approximately $1.8 billion, while Ibotta reported revenue of $320 million in the year. High-profile clients listed in the filing include big names such as the Coca-Cola Company (KO), PepsiCo (PEP), and Family Dollar, a subsidiary of Dollar Tree (DLTR).