Ibotta Files for IPO, Plans to List on NYSE
Ibotta has filed a registration statement for its proposed initial public offering (IPO) with the Securities and Exchange Commission (SEC).
The number of shares and the price range for the proposed offering have not yet been determined, the provider of digital promotions and performance marketing solutions said in a Friday (March 22) press release.
Ibotta intends to list its Class A common stock on the New York Stock Exchange (NYSE) under the symbol “IBTA,” according to the release.
The company’s platform enables brands to deliver digital promotions to more than 200 million consumers through the Ibotta Performance Network (IPN), a network of publishers that allows marketers to influence consumers’ shopping habits while paying only when their campaigns directly result in a sale, the press release said. Since 2012, American shoppers have earned $1.8 billion through the IPN.
PYMNTS reported in November that Ibotta was gearing up for an IPO that could value the company at $2 billion or more. Ibotta was valued at $1 billion in a Series D funding round in 2019.
Ibotta is backed by Walmart and has more than 850 clients, including PepsiCo, Nestle and Coca-Cola, Reuters reported Friday. The company’s revenue grew 52% year-over-year in 2023, and its net income margin grew 12%.
PYMNTS reported in February that Goldman Sachs said 2024 could mark a recovery for the IPO market, with the investment banking company’s IPO Issuance Barometer rising to its highest level in two years.
If the pace of IPOs being completed at the time of that report continues, it will exceed the levels seen in 2022 and 2023, Goldman Sachs said.
Potential IPOs for Chime Financial and Encyclopaedia Britannica have been reported in recent days.
On Friday, it was reported that Chime Financial plans to launch its IPO in 2025 after having been considered an IPO candidate for years.
Encyclopaedia Britannica announced in January that it confidentially submitted a draft registration statement with the SEC relating to a proposed IPO. Bloomberg reported Monday that the company is aiming for a valuation of about $1 billion and may launch its IPO as early as June.
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