Ibotta pops on debut

Digital rewards company Ibotta debuted today at $117 after pricing at $88 per share Wednesday night.

• The opening trade marks a 33% increase, as the IPO market continues to shed its inertia. Shares closed at $103.25, up over 17%.

Zoom in: Walmart-backed Ibotta raised $577.3 million in its IPO at a $2.7 billion valuation.

• It was a significant liquidity event for many of its individual shareholders, CEO Bryan Leach told Axios.

State of play: Ibotta joins a cadre of tech companies that have seen a relatively warm reception from public markets in recent months, including Klaviyo, Instacart and Reddit.

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