Apr 18, 2024 - Business

Ibotta pops on debut

Illustration of hundred dollar bills on cell phones spread out.

Illustration: Aïda Amer/Axios

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

Why it matters: The opening trade marks a 33% increase, as the IPO market continues to shed its inertia.

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

Zoom in: Ibotta's IPO is a significant liquidity event for many of its individual shareholders, including family and friends of CEO Bryan Leach who are elderly and ready to get off the private company investor ride, Leach told Axios.

  • Leach sees ad tech company TradeDesk as Ibotta's closest comparable, he told Axios. TradeDesk was trading at about $80 per share at the time of writing.

State of play: Ibotta joins a cadre of tech companies that have seen a relatively warm reception from public markets in recent months.

  • Marketing tech company Klaviyo jumped as high as $39.47 in its public market debut before closing at $32.76, above its $30 IPO price.
  • Grocery delivery app Instacart rose as high as $42 per share on its first day of trading and closed at $33.70, 12% above its $30 IPO price
  • Reddit's much-awaited IPO was also a success, opening 38% higher on its first day of trading at $47 per share. Share prices rose as much as 60% before settling back down toward its opening price. It closed at $50.31 per share, a 48% spike on its first day.

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Go deeper: The global IPO market just hit its inflection point

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