Apr 19, 2024 - News

Walmart-backed Ibotta jumps on debut


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, Axios Pro Deals co-author Claire Rychlewski writes.

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 this writing.

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